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style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily S&amp;P Top 20 US Stocks Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide </span><span style="font-family:Arial;font-size:8.645pt;">(1X) daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to TOPT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TOPT seeks to track the investment results of the S&amp;P 500 Top 20 Select Index (the “S&amp;P Index”), which measures the performance of the 20 largest U.S. companies by float-adjusted market capitalization within the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> as </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determined by S&amp;P Dow Jones Indices LLC. The securities in the S&amp;P Index are weighted based on the float-adjusted market value of their outstanding shares subject to capping. For capping purposes, the S&amp;P Index will be rebalanced on a quarterly basis. At each quarterly rebalance in March, June, September, and December, the weight of any single issuer will not exceed 22.5% of the S&amp;P Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the S&amp;P Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. TOPT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding TOPT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">disseminated documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TOPT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TOPT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TOPT is consistent with the Fund’s investment objective. The impact of TOPT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TOPT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TOPT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">quality (investment grade) credit profiles, including U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Top 20 U.S. Stocks ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Top 20 U.S. Stocks ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TOPT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Top 20 U.S. Stocks ETF could affect the value of the Fund’s investments with respect to TOPT and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF over </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the same period. The Fund will lose money if the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;"> performance is flat over time, and as a result of daily </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">rebalancing, the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF’s volatility and the effects </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">of compounding, it is even possible that the Fund will lose money over time while the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF’s performance decreases over a period longer than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide </span><span style="font-family:Arial;font-size:8.645pt;">(1X) daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to TOPT, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TOPT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TOPT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TOPT rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TOPT’s daily return decreases. The Fund’s assets will decrease in value when TOPT’s daily return increases. Because historically most assets have risen in value over the long </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TOPT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TOPT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TOPT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TOPT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TOPT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility; b) ETF performance; c) </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TOPT. The chart below provides examples of how </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and its return could </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and </span><span style="font-family:Arial;font-size:8.645pt;">ETF performance over a one-year period. Actual Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the </span><span style="font-family:Arial;font-size:8.645pt;">securities; (ii) there were no </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility, compounding will cause </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">results for periods longer than a trading day to vary from </span><span style="font-family:Arial;font-size:8.645pt;">-100% of the performance of TOPT. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TOPT provided no return over a one year period during which TOPT experienced annualized volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TOPT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TOPT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">ETF return for the year was 0%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TOPT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TOPT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The underlying ETF’s annualized historical volatility rate for the period from October 23, 2024 (the inception date of TOPT) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 21.25%. TOPT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year for the period from October 23,</span><span style="font-family:Arial;font-size:8.645pt;"> 2024 (the inception date of TOPT) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 21.83% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher</span><span style="font-family:Arial;font-size:8.645pt;">. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">underlying ETF’s annualized performance for the period from October 23, 2024 (the inception date of TOPT) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 21.78%. Historical ETF volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what the underlying </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">ETF </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;">and without warning. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Underlying ETF Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund will invest in, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective or an ETF’s shares trade at a significant premium or discount, the Fund’s performance will likely be adversely affected. In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the ETF especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend sales of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as TOPT, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance of TOPT: </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">. Because TOPT invests principally </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of favor. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">. At times, TOPT may increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that TOPT increases the relative emphasis of its investments in a particular industry or sector, the value of TOPT’s shares may fluctuate in response </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TOPT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities </span><span style="font-family:Arial;font-size:8.645pt;">experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TOPT and therefore achieve its daily inverse investment objective. The Fund’s exposure to TOPT is impacted by TOPT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TOPT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TOPT increases on days when TOPT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TOPT. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with TOPT</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">TOPT, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TOPT. Any of these factors could decrease the inverse correlation between the performance of the Fund and TOPT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Top 20 U.S. Stocks ETF is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TOPT and make no representation as to the performance of TOPT. Investing in the Fund is not equivalent to investing in TOPT. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TOPT.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TOPT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sector (the risks of which are described below), the same industry and/or sector to which TOPT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact TOPT and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to TOPT,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Qs Top 30 Stocks Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide </span><span style="font-family:Arial;font-size:8.645pt;">(1X) daily inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to QTOP, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">QTOP seeks to track the investment results of the Nasdaq-100 Top 30 Index (the “Nasdaq Index”), which measures the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of securities of the 30 largest domestic and international non-financial companies listed on Nasdaq (on the Nasdaq Global Select Market or the Nasdaq Global Market) based on market capitalization, as determined by Nasdaq, Inc. The Nasdaq Index is a subset of the Nasdaq-100 Index. The securities in the Nasdaq Index are weighted based on the market value of their outstanding shares subject to capping. The Nasdaq Index is reconstituted and rebalanced quarterly in March, June, September, and December. For capping purposes, at each quarterly rebalance, the weight of any single issuer will not exceed 22.5% of the Nasdaq Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the Nasdaq Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. QTOP is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QTOP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">documents. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short QTOP exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of QTOP. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to QTOP is consistent with the Fund’s investment objective. The impact of QTOP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of QTOP has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of QTOP has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Nasdaq Top 30 ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Nasdaq Top 30 ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QTOP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Nasdaq Top 30 ETF could affect the value of the Fund’s investments with respect to QTOP and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF over </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the same period. The Fund will lose money if the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">ETF</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;"> performance is flat over time, and as a result of daily </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">rebalancing, the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF’s volatility and the effects </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">of compounding, it is even possible that the Fund will lose money over time while the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">underlying ETF’s performance decreases over a period longer than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide </span><span style="font-family:Arial;font-size:8.645pt;">(1X) daily inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to QTOP, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short QTOP exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short QTOP exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of QTOP rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when QTOP’s daily return decreases. The Fund’s assets will decrease in value when QTOP’s daily return increases. Because historically most assets have risen in value over the long </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of QTOP approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to QTOP or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to QTOP, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of QTOP’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of QTOP during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility; b) ETF performance; c) </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of QTOP. The chart below provides examples of how </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and its return could </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and </span><span style="font-family:Arial;font-size:8.645pt;">ETF performance over a one-year period. Actual Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the </span><span style="font-family:Arial;font-size:8.645pt;">securities; (ii) there were no </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility, compounding will cause </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">results for periods longer than a trading day to vary from </span><span style="font-family:Arial;font-size:8.645pt;">-100% of the performance of QTOP. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if QTOP provided no return over a one year period during which QTOP experienced annualized volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if QTOP’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if QTOP’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">ETF return for the year was 0%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of QTOP and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of QTOP. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation </span><span style="font-family:Arial;font-size:8.645pt;">Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The underlying ETF’s annualized historical volatility rate for the period from October 23, 2024 (the inception date of QTOP) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 19.38%. QTOP’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year for the period from October 23, 2024</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the inception date of QTOP) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 24.15% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher.</span><span style="font-family:Arial;font-size:8.645pt;"> The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">underlying ETF’s annualized performance for the period from October 23, 2024 (the inception date of QTOP) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 24.11%. Historical ETF volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what the underlying </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">ETF </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;">and without warning. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Underlying ETF Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund will invest in, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective or an ETF’s shares trade at a significant premium or discount, the Fund’s performance will likely be adversely affected. In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the ETF especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend sales of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as QTOP, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance of QTOP: </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">. Because QTOP invests principally </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of favor. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">. At times, QTOP may increase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that QTOP increases the relative emphasis of its investments in a particular industry or sector, the value of QTOP’s shares may fluctuate in response </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to QTOP that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities </span><span style="font-family:Arial;font-size:8.645pt;">experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to QTOP and therefore achieve its daily inverse investment objective. The Fund’s exposure to QTOP is impacted by QTOP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to QTOP at the end of each day. The possibility of the Fund being materially over- or under-exposed to QTOP increases on days when QTOP is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) QTOP. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with QTOP</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">QTOP, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to QTOP. Any of these factors could decrease the inverse correlation between the performance of the Fund and QTOP and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Nasdaq Top 30 ETF is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of QTOP and make no representation as to the performance of QTOP. Investing in the Fund is not equivalent to investing in QTOP. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to QTOP.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, QTOP, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which QTOP is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact QTOP and/or information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to QTOP,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Next Gen Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index is designed by Solactive AG (the "Index Provider") to represent the securities of the next generation of U.S. companies that utilize quantum technology to improve the provision of their products and/or services. Quantum technology is a class of technology that use the principles of quantum mechanics (the physics of sub-atomic particles) to make advances in computing and other processes. The Index is a rules-based index and includes U.S.-listed securities </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of companies in the following quantum technology segments </span><span style="font-family:Arial;font-size:8.645pt;">(each, a “Quantum Technology Segment”): </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Computing Infrastructure and Hardware: This segment encompasses companies that develop and provide the essential physical components, systems, and comprehensive environments necessary for quantum computing, including both hardware and infrastructure services. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Machine Learning: This segment focuses on companies that integrate artificial intelligence and machine learning with quantum computing to enhance problem-solving and algorithm efficiency. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Software and Applications: Within this segment, companies are dedicated to create software tools and applications to operate quantum computers and utilize their computational power for various specialized tasks. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Cryptography: This segment addresses companies that develop quantum-based security mechanisms and engage in advanced research and development to push the boundaries of quantum technologies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To be selected for inclusion in the Index, a security must have a free float market capitalization of at least $100 million (or at least $90 billion for current constituents) and a minimum average daily traded value of at least $1 million over 1 month and over 6 months (or at least $900,000 for current </span><span style="font-family:Arial;font-size:8.645pt;">constituents). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To identify companies that use quantum technology, the Index Provider uses ARTIS</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;">, its proprietary natural language </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">processing algorithm, to identify into which Quantum Technology Segment(s) a company falls. ARTIS uses keywords to review large volumes of publicly available data, such as company annual reports, published business descriptions, and financial news reports, which the Index Provider believes will identify and classify companies as quantum technology companies, and then ranks the companies based on the number of keyword “hits” in the company’s data. The ARTIS classification system is different than traditional classification systems because it utilizes natural language processing, such as keyword searching, whereas traditional classifications system utilize backward looking metrics, such as a company’s past profits or revenue, to determine the classification of </span><span style="font-family:Arial;font-size:8.645pt;">a company. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ARTIS produces a score for each company that reflects the company's exposure to quantum technology and considers each Quantum Technology Segment to which a company belongs. Each company is then ranked by its score, and the top 20 companies are selected for inclusion in the Index. </span><span style="font-family:Arial;font-size:8.645pt;">The Index is rebalanced semi-annually. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As of January 30, 2026, the Index included 20 constituents and were concentrated in the information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">with exposure to quantum technology.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">provide 1X daily inverse (opposite) or short exposure to the Index or to exchange-traded fund ("ETF") that track the </span><span style="font-family:Arial;font-size:8.645pt;">Index, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term debt </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index. In all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the markets on one trading day to the close of the markets </span><span style="font-family:Arial;font-size:8.645pt;">on the next trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. </span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="font-family:Arial;font-size:8.645pt;">holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of the </span><span style="font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.23% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -100% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Inverse Index Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five year period ended December 31, 2025 was 33.56%. The Index’s highest volatility rate for any one calendar year during the five year period was 49.37% and volatility for a shorter period of time may have been substantially higher. The Index’s annualized performance for the five-year period ended December 31, 2025 was 26.47%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index, </span><span style="font-family:Arial;font-size:8.645pt;">such as swaps, may differ from the volatility of the Index.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF may not closely track the performance of the Index due to costs associated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its </span><span style="font-family:Arial;font-size:8.645pt;">net asset value. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="font-family:Arial;font-size:8.645pt;">losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, </span><span style="font-family:Arial;font-size:8.645pt;">or widened bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close </span><span style="font-family:Arial;font-size:8.645pt;">of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse investment objective. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s inverse correlation to the </span><span style="font-family:Arial;font-size:8.645pt;">Index or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse investment </span><span style="font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="font-family:Arial;font-size:8.645pt;">performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Quantum Computing and Machine Learning Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Companies across a wide variety of industries, primarily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the information technology sector, are exploring the possible applications of quantum computing and machine learning technologies. Consequently, the Fund’s holdings may include equity securities of operating companies in a wide variety of industries, and the economic fortunes of such companies may not be significantly tied to such technologies. Indeed, there currently are few public companies for which quantum computing and machine learning technologies represent a significant revenue or profit stream, and such technologies may never have a material effect on their economic returns. In addition, such companies tend to be significantly impacted by rapid technological advancements, product obsolescence, intense competition and government regulation. They are also heavily dependent on patent and intellectual property rights and their success in obtaining or protecting a patent may materially affect </span><span style="font-family:Arial;font-size:8.645pt;">such company’s profitability.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Natural Language Processing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The natural language </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">processing classification system utilized by the Index Provider is different than traditional classification systems because it utilizes automated natural language processing, such as key word searching, rather than backward looking metrics, such as a company’s past profits or revenue, to determine the classification of a company. The Index Provider’s use of natural language processing may result in the Index including companies that may not be classified as companies in the Fund’s respective category by other classification </span><span style="font-family:Arial;font-size:8.645pt;">systems.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Innovative Technologies Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Technologies perceived </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to displace older technologies or create new markets may not in fact do so. Companies that initially develop an innovative technology may not be able to capitalize on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">technology. Companies that develop innovative technologies may face political or legal attacks from competitors, industry groups, or local and national governments. The Fund may invest in a company that does not currently derive any revenue from innovative technologies, and there is no assurance that a company will derive any revenue from innovative technologies in the future. An innovative technology may constitute a small portion of a company’s overall business. As a result, the success of an innovative technology may not affect the value of the equity securities issued by the </span><span style="font-family:Arial;font-size:8.645pt;">company.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Small- and/or Mid-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Small- and mid-capitalization companies often have narrower markets for their goods and/or services, less stable earnings, and more limited managerial and financial resources and often have limited product lines, services, markets, financial resources or are dependent on a small management group. Because these stocks are not well-known to the investing public, do not have significant institutional ownership and are followed by relatively few security analysts, there will normally be less publicly available information concerning these securities compared to what is available for the securities of larger companies. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, can decrease the value and liquidity of such securities resulting in more volatile performance. These companies may face </span><span style="font-family:Arial;font-size:8.645pt;">greater risk of business failure.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Gold Miners Top 5 Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 1X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term debt </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In all cases, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) </span><span style="font-family:Arial;font-size:8.645pt;">Index volatility; b) Index performance; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how </span><span style="font-family:Arial;font-size:8.645pt;">Index volatility and its return </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index </span><span style="font-family:Arial;font-size:8.645pt;">volatility and Index performance over a one-year period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher </span><span style="font-family:Arial;font-size:8.645pt;">Index volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">compounding will cause results for periods longer than a trading day to vary from -100% of the performance of the </span><span style="font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.23% of its value, even if the cumulative </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Index return for the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -100% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Index Correlation Risk” below. The volatility of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange traded securities or instruments that reflect the value of the Index may differ from the volatility of the Index.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index such as swaps, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Index </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its </span><span style="font-family:Arial;font-size:8.645pt;">net asset value. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse correlation to the </span><span style="font-family:Arial;font-size:8.645pt;">Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its total assets in investments that provide inverse exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market movements that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impact that sector or industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Gold and Silver Mining Company Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">–</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund will be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">concentrated in the gold mining industry and may have significant exposure to assets in the silver mining industry</span><span style="font-family:Arial;font-size:8.645pt;">. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Therefore </span><span style="font-family:Arial;font-size:8.645pt;">the Fund will be sensitive to changes in the overall </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">condition of gold- and silver-related companies. Competitive pressures may have a significant effect on the financial condition of gold- and silver-related companies. Also</span><span style="font-family:Arial;font-size:8.645pt;">, gold- </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and silver-related companies are highly dependent on the price of gold and silver bullion, respectively, and may be adversely affected by a variety of worldwide economic, financial and political factors. These prices may fluctuate substantially over short periods of time, which may cause the value of the gold- and silver-related companies to be more volatile than the general market. Fluctuations in the price of gold or silver may be due to a number of factors, including changes in inflation, currency exchange rates and industrial and commercial demand (including fabricator demand). Increased environmental or labor costs may depress the value of metal investments. If a natural disaster or other event with a significant economic impact occurs in a region in which </span><span style="font-family:Arial;font-size:8.645pt;">a gold or silver mining company operates, such </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">disaster or event could negatively impact the profitability of such companies and, in turn, impact the Fund’s return. </span><span style="font-family:Arial;font-size:8.645pt;">Companies that are only in the exploration state are typically </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">unable to adopt specific strategies of controlling the impact of the price of gold or silver on their companies. The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early</span><span style="font-family:Arial;font-size:8.645pt;">-stage miners operate at </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an early</span><span style="font-family:Arial;font-size:8.645pt;">-stage mining company than for a more established company.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">environmental remediation costs in complying with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Mining and Metal Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Mining and metal companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be significantly affected by international political and economic developments, energy conservation, the success of exploration projects, commodity prices, taxes and government regulations. Investments in mining and metal industry companies may be speculative and subject to greater price volatility than investments in other types of companies. Increased environmental or labor costs may depress the value of mining and metal investments. In addition, changes in international monetary policies or economic and political conditions can affect the supply of gold and precious metals, and consequently the value of mining and metal company investments. Further, the principal suppliers of metal industries may be concentrated in a small number of countries and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">regions.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily AAL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of AAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to AAL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">American Airlines Group Inc. is a major airline in the United States headquartered in Fort Worth, Texas. AAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Airlines Group Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-8400 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Airlines Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, AAL is </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assigned to the industrials sector and the airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short AAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and the airline industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide inverse exposure in the industrials sector and the airline </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of AAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to AAL is consistent with the Fund’s investment objective. The impact of AAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of AAL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of AAL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding American Airlines Group Inc. from the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding American Airlines Group Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning American Airlines Group Inc. could affect the value of the Fund’s investments with respect to AAL and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(opposite) or short exposure to AAL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short AAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and the airline industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide inverse exposure in the industrials sector and the airline </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short AAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of AAL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when AAL’s daily return decreases. The Fund’s assets will decrease in value when AAL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of AAL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to AAL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to AAL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of AAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of AAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of AAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of AAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if AAL provided no return over a one year period during which AAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if AAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if AAL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of AAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of AAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">AAL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 48.13%. AAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">56.39% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. AAL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (0.56)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what AAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to AAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to AAL and therefore achieve its daily inverse investment objective. The Fund’s exposure to AAL is impacted by AAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to AAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to AAL increases on days when AAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) AAL. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with AAL</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">AAL, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to AAL. Any of these factors could decrease the inverse correlation between the performance of the Fund and AAL and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> American Airlines Group Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of AAL and make no representation as to the performance of AAL. Investing in the Fund is not equivalent to investing in AAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to AAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Airlines Group Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, AAL faces the risks of economic downturns; insufficient financing; significant pension and postretirement funding obligations; reliance on qualified key personnel; the ever changing economic, geopolitical, commercial, regulatory climates; intense competition in the airline industry; union strikes and other labor disputes; potential for issues with third-party regional operators or service providers; damage to brand reputation; adverse events and the related publicity; intellectual property rights may be hard to defend; increases in the price of fuel; conflicts overseas, terrorist attacks or other acts of violence may target the airline industry; increasing regulations around climate change and regulation of emissions; more stringent pilot time regulations and training requirements may add costs; limited number of aircraft suppliers; heavy reliance on technology may cause risks when systems fail; high infrastructure requirements; as well as risks related to litigation, taxes, insurance, data security, cybersecurity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">accounting issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of AAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Significant short-term price movements in AAL could adversely impact the performance of both AAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of AAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, AAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and the airline industry (the risks of which are described below), the same industry and/or sector to which AAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and industry, it should be expected to increase from any market movements that adversely impact AAL and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and the airline industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to AAL,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ABNB Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ABNB. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ABNB, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Airbnb, Inc. engages in the management and operation of an online marketplace. Its marketplace model connects </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hosts and guests online or through mobile devices to book spaces. The company was founded in 2007 and is headquartered in San Francisco, CA.. ABNB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39778 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, ABNB is assigned to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ABNB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ABNB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ABNB is consistent with the Fund’s investment objective. The impact of ABNB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ABNB has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ABNB has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Airbnb, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Airbnb, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ABNB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Airbnb, Inc. could affect the value of the Fund’s investments with respect to ABNB and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ABNB, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ABNB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ABNB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ABNB rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ABNB’s daily return decreases. The Fund’s assets will decrease in value when ABNB’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ABNB approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to ABNB or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ABNB, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ABNB’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ABNB during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ABNB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ABNB. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ABNB provided no return over a one year period during which ABNB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ABNB’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ABNB’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ABNB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of ABNB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ABNB’s annualized historical volatility rate for the five year period ended December 31, 2025 was 46.51%. ABNB’s highest volatility rate for any one calendar year during the five year period was 61.00% and volatility for a shorter period of time may have been substantially higher. ABNB’s annualized performance for the five-year period ended December 31, 2025 was -1.56%. Historical volatility and performance are not indications of what ABNB volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ABNB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ABNB and therefore achieve its daily inverse investment objective. The Fund’s exposure to ABNB is impacted by ABNB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ABNB at the end of each day. The possibility of the Fund being materially over- or under-exposed to ABNB increases on days when ABNB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ABNB. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with ABNB or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to ABNB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ABNB. Any of these factors could decrease the inverse correlation between the performance of the Fund and ABNB and may hinder </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Airbnb, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ABNB and make no representation as to the performance of ABNB. Investing in the Fund is not equivalent to investing in ABNB. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to ABNB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ABNB. Significant short-term price movements in ABNB could adversely impact the performance of both ABNB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of ABNB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ABNB, and therefore, a particular industry and will have more than 25% of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which ABNB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact ABNB and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to ABNB, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ADBE Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ADBE. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ADBE, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Adobe, Inc. is a global technology company, which engages in the provision of digital marketing and media solutions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The company was founded in 1982 and is headquartered in San Jose, CA. ADBE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Adobe Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-15175 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Adobe Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, ADBE is assigned to the </span><span style="font-family:Arial;font-size:8.645pt;">information technology sector and software industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ADBE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ADBE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ADBE is consistent with the Fund’s investment objective. The impact of ADBE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ADBE has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ADBE has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Adobe Inc. from the publicly available </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Adobe Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ADBE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Adobe Inc. could affect the value of the Fund’s investments with respect to ADBE and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ADBE, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ADBE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ADBE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ADBE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ADBE rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ADBE’s daily return decreases. The Fund’s assets will decrease in value when ADBE’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ADBE approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to ADBE or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ADBE, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ADBE’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ADBE during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ADBE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ADBE. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ADBE provided no return over a one year period during which ADBE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ADBE’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ADBE’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ADBE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of ADBE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ADBE’s annualized historical volatility rate for the five year period ended December 31, 2025 was 35.18%. ADBE’s highest volatility rate for any one calendar year during the five year period was 45.73% and volatility for a shorter period of time may have been substantially higher. ADBE’s annualized performance for the five-year period ended December 31, 2025 was -6.89%. Historical volatility and performance are not indications of what ADBE volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ADBE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ADBE and therefore achieve its daily inverse investment objective. The Fund’s exposure to ADBE is impacted by ADBE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ADBE at the end of each day. The possibility of the Fund being materially over- or under-exposed to ADBE increases on days when ADBE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ADBE. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with ADBE or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to ADBE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ADBE. Any of these factors could decrease the inverse correlation between the performance of the Fund and ADBE and may hinder </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Adobe Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ADBE and make no representation as to the performance of ADBE. Investing in the Fund is not equivalent to investing in ADBE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to ADBE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ADBE. Significant short-term price movements in ADBE could adversely impact the performance of both ADBE and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of ADBE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ADBE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which ADBE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact ADBE and/or information technology sector and the software </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to ADBE, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ASML Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of ASML. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ASML, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ASML Holding N.V. is a Dutch multinational corporation that specializes in the development and manufacturing of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">photolithography machines which are used to produce computer chips. ASML is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ASML Holding N.V. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33463 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ASML Holding N.V. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, ASML is assigned to the information technology sector and semiconductor industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ASML that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ASML exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the semiconductor industry and the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the semiconductor industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the information technology sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ASML. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ASML is consistent with the Fund’s investment objective. The impact of ASML’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ASML has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ASML has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding ASML Holding N.V. from the publicly available documents described above. Neither the Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding ASML Holding N.V. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ASML have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning ASML Holding N.V. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">ASML and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to ASML, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ASML that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ASML exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the semiconductor industry and the information technology sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the semiconductor industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the information technology sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ASML that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short ASML exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of ASML rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when ASML’s daily return decreases. The Fund’s assets will decrease in value when ASML’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of ASML approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to ASML or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to ASML, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of ASML’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ASML during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ASML. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of ASML. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if ASML provided no return over a one year period during which ASML experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ASML’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ASML’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of ASML and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of ASML. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">AAL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 48.13%. AAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">56.39% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. AAL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (0.56)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what ASML volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ASML that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to ASML and therefore achieve its daily inverse investment objective. The Fund’s exposure to ASML is impacted by ASML’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ASML at the end of each day. The possibility of the Fund being materially over- or under-exposed to ASML increases on days when ASML is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ASML. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with ASML</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">ASML, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ASML. Any of these factors could decrease the inverse correlation between the performance of the Fund and ASML and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ASML Holding N.V. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ASML and make no representation as to the performance of ASML. Investing in the Fund is not equivalent to investing in ASML. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to ASML.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">ASML Holding N.V. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, ASML Holding N.V. shares face risks associated with: intense competition; rapidly changing industry; long-term risky investments in research and development may not benefit the company; development and implementation of semiconductor products is uncertain; changes in demand and margins; macroeconomic conditions are uncontrollable; use of artificial intelligence is rapidly evolving; complexities of the global supply chain; products may have defects or other issues; security vulnerabilities; cybersecurity attacks; intellectual property risks; ability to retain and attract qualified talent; fluctuations in currency exchange rates; catastrophic events are impossible to predict and can have a material adverse effect; as well as regulatory, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of ASML. Significant short-term price movements in ASML could adversely impact the performance of both ASML and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of ASML.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ASML, and therefore, a particular industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide inverse exposure to the semiconductor industry and the information technology sector (the risks of which are described below), the same industry and/or sector to which ASML is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that adversely impact ASML and/or semiconductor industry and </span><span style="font-family:Arial;font-size:8.645pt;">the information technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to ASML,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily BABA Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of BABA. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to BABA, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">internet and technology. BABA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alibaba Group Holdings Limited pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36614 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alibaba Group Holdings Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, BABA is assigned to the consumer discretionary sector and retail industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in BABA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short BABA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BABA. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BABA is consistent with the Fund’s investment objective. The impact of BABA’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BABA has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of BABA has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Alibaba Group Holding Limited from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Alibaba Group Holding Limited is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BABA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Alibaba Group Holding Limited could affect the value of the Fund’s investments with respect to BABA and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to BABA, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in BABA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short BABA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and retail industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in BABA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short BABA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of BABA rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when BABA’s daily return decreases. The Fund’s assets will decrease in value when BABA’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of BABA approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to BABA or limited liquidity related to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to BABA, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of BABA’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BABA during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of BABA. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of BABA. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if BABA provided no return over a one year period during which BABA experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if BABA’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if BABA’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of BABA and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of BABA. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">BABA’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 50.99%. BABA’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 71.64% and volatility for a shorter period of time may have been substantially higher. BABA’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -7.87%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what BABA volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to BABA that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to BABA and therefore achieve its daily inverse investment objective. The Fund’s exposure to BABA is impacted by BABA’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BABA at the end of each day. The possibility of the Fund being materially over- or under-exposed to BABA increases on days when BABA is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) BABA. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with BABA</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">BABA, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to BABA. Any of these factors could decrease the inverse correlation between the performance of the Fund and BABA and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Alibaba Group Holding Limited is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of BABA and make no representation as to the performance of BABA. Investing in the Fund is not equivalent to investing in BABA. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to BABA.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Alibaba Group Holding Limited. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Alibaba Group Holding Limited faces the risks of: the maintenance of the trust in the purchase ecosystem as well as the ecosystem itself; strong competition; failure to innovate; maintaining the company culture; impact of the economic conditions in China globally; changes in trade and investment policies; export control changes; reputational harm; failure to expand international operations; changing laws and regulations, including those related to data security; cybersecurity attacks; claims under consumer protection laws; failure to maintain or improve the technology infrastructure; business being connected to the reliability and security of the internet infrastructure in China generally; network interruptions; payment processing issues; reliance on third party service providers; natural disasters and the related interruption in business; reliance on key management; failure to appropriately deal with fraudulent or illegal activity; failure to protect intellectual property rights; changes in tax structures; inability to obtain financing; as well as the risks related to insurance, taxes, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the corporate structure of the Company.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chinese Securities Risks </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Although the economy of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">People’s Republic of China (“China” or the “PRC”) has been in a state of transition from a government-planned socialist economy to a more market-oriented economy since the 1970s, the level of government involvement in China’s economy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">continues to distinguish it from other global markets as the majority of productive assets in China are owned (at different levels) by the PRC. Due to PRC government economic reforms during the last thirty years, China’s economy, as reflected in the value of Chinese issuers, has experienced significant growth. There can be no assurance, however, that the PRC government will continue to pursue such reforms. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. In addition, in recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">illiquid. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Laws and regulations in China are less well-developed and may not be enforced, and court decisions do not establish binding precedent. In addition, laws and regulations may change with little or no advance notice. Accordingly, there is little assurance about the effect of laws and regulations, including those regarding foreign investment in Chinese securities. The PRC government strictly regulates foreign currency transactions, effectively controlling the flow of capital into and out of China. The Chinese authorities can intervene in the operations and structure of Chinese </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Chinese economy is export-driven and highly reliant on trade. China’s maintenance of relationships with its primary trading partners, such as the U.S., Japan, South Korea and countries in the European Union, is critical to the Chinese economy. Worsening trade</span><span style="font-family:Arial;font-size:8.645pt;">,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">diplomatic and military relations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">between the U.S. and China could adversely impact Chinese securities, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China</span><span style="font-family:Arial;font-size:8.645pt;"> or investments in Chinese securities </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">listed on U</span><span style="font-family:Arial;font-size:8.645pt;">.S.</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">stock exchanges. Securities of Chinese companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded on U.S. stock exchanges also may be delisted in response to changing economic sanctions, foreign investment rules or other rules, regulations or determinations by the U.S. government.</span><span style="font-family:Arial;font-size:8.645pt;"> Worsening trade relations may also result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in market volatility and volatility in the price of Fund shares. Reduction in spending on Chinese products and services, supply chain diversification, additional tariffs or other trade barriers, an economic slowdown or recession in countries that import significant goods from China would likely </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact Chinese issuers. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Inflation has historically been an issue in China, and the taxation of investments in China remains unsettled. Chinese issuers and the Fund, as an investor in such issuers, could be subject to retroactive taxation. There also remains a risk that assets or investments in China will be nationalized or expropriated. China’s securities markets can be more volatile than other global markets and issuers in them are not typically required to provide the same amount or quality of information, including financial information, as U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies. Investors who are harmed as a result of the lack of (quality) information about Chinese issuers will generally have little to no recourse due to the lack of remedies available in China, and the difficulty of pursuing and enforcing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">remedies. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China has experienced security concerns, such as terrorism and strained international relations. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Additionally, China is alleged to have participated in cyberattacks against foreign countries and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">cause uncertainty in Chinese securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of BABA. Significant short-term price movements in BABA could adversely impact the performance of both BABA and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of BABA.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, BABA, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and retail industry (the risks of which are described below), the same industry and/or sector to which BABA is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">one security and industry, it should be expected to increase from any market movements that adversely impact BABA </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and/or consumer discretionary sector and retail industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Retail Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Retail and related industries can be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to BABA,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CAT Bear 1X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of CAT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CAT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Caterpillar Inc. is a construction, mining and other engineering equipment manufacturer founded in 1925. Caterpillar Inc. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does business on every continent, principally operating through three primary segments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Construction Industries, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Resource Industries and Energy &amp; Transportation </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">providing financing and related services through their Financial Products segment. CAT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Caterpillar Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-768 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Caterpillar Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CAT is assigned to the industrials sector and the machinery industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CAT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and machinery industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide inverse exposure in the industrials sector and machinery </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CAT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CAT is consistent with the Fund’s investment objective. The impact of CAT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CAT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CAT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Caterpillar Inc. from the publicly </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Caterpillar Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CAT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Caterpillar Inc. could affect the value of the Fund’s investments with respect to CAT </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CAT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CAT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and machinery industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide inverse exposure in the industrials sector and machinery </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CAT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of CAT rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when CAT’s daily return decreases. The Fund’s assets will decrease in value when CAT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of CAT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to CAT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to CAT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of CAT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CAT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CAT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of CAT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if CAT provided no return over a one year period during which CAT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CAT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CAT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of CAT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of CAT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CAT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 55.11%. CAT’s highest volatility rate for any one calendar year during the five year period was 78.39% and volatility for a shorter period of time may have been substantially higher. CAT’s annualized performance for the five-year period ended December 31, 2025 was 7.11%. Historical volatility and performance are not indications of what CAT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CAT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to CAT and therefore achieve its daily inverse investment objective. The Fund’s exposure to CAT is impacted by CAT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CAT at the end of each day. The possibility of the Fund being materially over- or under-exposed to CAT increases on days when CAT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CAT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with CAT or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CAT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CAT. Any of these factors could decrease the inverse correlation between the performance of the Fund and CAT and may hinder the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Caterpillar, Inc. Investing Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, CAT faces risks associated with: sensitivities to global and regional economic conditions; catastrophic events; commodity price changes; changes in monetary or fiscal policies; political and economic risks; dependence on ability to develop, produce and market quality products; high competition; increased information technology security risks; investment management decisions; unrealized anticipated benefits from acquisitions, joint ventures or divestitures; union disputes; unexpected increases in costs to do business; disruptions in the global financial markets; failure to maintain credit rating and retain current cost of financing; the Financial Products segment is subject to risks associated with the financial services industry, changes in interest rates, increases in delinquencies, currency exchange rates, restrictions in debt agreement and sustained increases in funding obligations; changes in trade and anti-corruption laws and policies; taxes; litigation; regulatory compliance costs; as </span><span style="font-family:Arial;font-size:8.645pt;">well as strict environmental laws and regulations.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Caterpillar Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CAT and make no representation as to the performance of CAT. Investing in the Fund is not equivalent to investing in CAT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to CAT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of CAT. Significant short-term price movements in CAT could adversely </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">impact the performance of both CAT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of CAT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Machinery Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The machinery industry includes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the development and sales of machinery and equipment for agriculture and construction projects. Companies within the industry may be significantly affected by government spending, changes in agricultural production, changes in new infrastructure spending, including bridges, roads and tunnels, demand for products such as excavators, bulldozers, cranes and front loaders as well as developments in autonomous machinery. This industry is also sensitive to interest rate fluctuations that can cause changes in the availability of equipment financing. Certain segments of the industry may be significantly affected by environmental regulations and catastrophic events such as pandemics, </span><span style="font-family:Arial;font-size:8.645pt;">earthquakes, hurricanes and terrorist acts.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CAT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and machinery industry (the risks of which are described below), the same industry and/or sector to which CAT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact CAT and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and machinery industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CAT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CCL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of CCL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CCL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Carnival Corporation engages in the operation of cruise ships globally. CCL was founded in 1972 and is headquartered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Miami, Florida. CCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carnival Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-9610 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carnival Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, CCL is assigned to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CCL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CCL is consistent with the Fund’s investment objective. The impact of CCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CCL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CCL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Carnival Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Carnival Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Carnival Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">CCL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CCL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CCL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CCL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of CCL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when CCL’s daily return decreases. The Fund’s assets will decrease in value when CCL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of CCL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to CCL or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to CCL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of CCL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of CCL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CCL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of CCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if CCL provided no return over a one year period during which CCL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CCL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CCL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of CCL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of CCL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CCL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 29.29%. CCL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">33.48% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. CCL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 28.17%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what CCL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CCL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to CCL and therefore achieve its daily inverse investment objective. The Fund’s exposure to CCL is impacted by CCL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CCL at the end of each day. The possibility of the Fund being materially over- or under-exposed to CCL increases on days when CCL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CCL. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with CCL</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">CCL, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CCL. Any of these factors could decrease the inverse correlation between the performance of the Fund and CCL and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Carnival Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CCL and make no representation as to the performance of CCL. Investing in the Fund is not equivalent to investing in CCL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to CCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Carnival Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Carnival Corporation faces risks associated with: geopolitical uncertainty; incidents concerning ships, guests or cruise itineraries; changes in and non-compliance with laws and regulations; factors associated with climate change; inability to meet and achieve financial targets; loss of key employees; increasing fuel charges; reliance on third party suppliers; fluctuations in foreign currency; overcapacity and competition in the cruise industry; inability to implement shipbuilding and repairs; inability to acquire financing; as </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">well as regulatory, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of CCL. Significant short-term price movements in CCL could adversely impact the performance of both CCL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of CCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CCL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (the risks of which are described below), the same industry and/or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sector to which CCL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that adversely impact CCL and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants, &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to CCL,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CMG Bear 1X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of CMG. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CMG, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Chipotle Mexican Grill, Inc. is a quick service restaurant first opened in Denver, CO in 1993. Chipotle Mexican Grill, Inc. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">features a relevant menu of burritos, burrito bowls, quesadillas, tacos, and salads. CMG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Chipotle Mexican Grill, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32731 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Chipotle Mexican Grill, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CMG is assigned to the consumer discretionary sector and the hotels, restaurants &amp; leisure </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CMG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CMG. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CMG is consistent with the Fund’s investment objective. The impact of CMG’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CMG has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CMG has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Chipotle Mexican Grill, Inc. from the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Chipotle Mexican Grill, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CMG have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Chipotle Mexican Grill, Inc. could affect the value of the Fund’s investments with respect to CMG and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CMG, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CMG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CMG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of CMG rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when CMG’s daily return decreases. The Fund’s assets will decrease in value when CMG’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of CMG approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to CMG or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to CMG, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of CMG’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CMG during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CMG. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of CMG. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if CMG provided no return over a one year period during which CMG experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CMG’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CMG’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of CMG and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of CMG. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CMG’s annualized historical volatility rate for the five year period ended December 31, 2025 was 33.11%. CMG’s highest volatility rate for any one calendar year during the five year period was 40.79% and volatility for a shorter period of time may have been substantially higher. CMG’s annualized performance for the five-year period ended December 31, 2025 was 5.93%. Historical volatility and performance are not indications of what CMG volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CMG that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to CMG and therefore achieve its daily inverse investment objective. The Fund’s exposure to CMG is impacted by CMG’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CMG at the end of each day. The possibility of the Fund being materially over- or under-exposed to CMG increases on days when CMG is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CMG. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with CMG or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CMG, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CMG. Any of these factors could decrease the inverse correlation between the performance of the Fund and CMG and may hinder the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chipotle Mexican Grill, Inc. Investing Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, CMG faces risks associated with: food safety and food-borne illnesses; digital business risks; high competition; higher prices for higher quality food business model; social media liability; ability to attract and retain high quality talent; failure to comply with all federal, state and local laws and regulations; increasing costs of labor; inability to attract and retain qualified leaders; cybersecurity breaches; privacy and data concerns; heavy reliance on information technology systems; potential for ingredient costs to increase; shortages or interruptions in the supply chain for needed ingredients; regulatory compliance costs; litigation; taxes; sustained growth of new locations; evolving requirements for disclosure regarding sustainability practices; climate change and the resulting impact on operations; as well as risks related to the general state of the economy </span><span style="font-family:Arial;font-size:8.645pt;">and other business factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Chipotle Mexican Grill, Inc. is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CMG and make no representation as to the performance of CMG. Investing in the Fund is not equivalent to investing in CMG. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to CMG.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of CMG. Significant short-term price movements in CMG could adversely impact the performance of both CMG and the Fund, increase the Fund’s bid-ask spread and adversely impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of CMG.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CMG, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which CMG is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact CMG and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants, &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CMG, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily COIN Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of COIN. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to COIN, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Coinbase Global, Inc. engages in technology and financial infrastructure products and services. It offers crypto-powered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">technologies including self-custody wallets, decentralized apps and services, and open community engagement platforms. The company was founded in 2012 and is headquartered in </span><span style="font-family:Arial;font-size:8.645pt;">San Francisco, CA. COIN is registered under </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Coinbase Global, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40289 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Coinbase Global, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, COIN is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COIN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COIN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of COIN. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to COIN is consistent with the Fund’s investment objective. The impact of COIN’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of COIN has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of COIN has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Coinbase Global, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Coinbase Global, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of COIN have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Coinbase Global, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">COIN and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to COIN, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COIN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COIN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COIN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COIN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of COIN rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when COIN’s daily return decreases. The Fund’s assets will decrease in value when COIN’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of COIN approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to COIN or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to COIN, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of COIN’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of COIN during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of COIN. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of COIN. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if COIN provided no return over a one year period during which COIN experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if COIN’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if COIN’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of COIN and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of COIN. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">COIN’s annualized historical volatility rate for the period from April 13, 2021 (the offering date of COIN) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 86.02%. COIN's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from April 13, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of COIN) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 108.64% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. COIN</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from April 13, 2021 (the offering date of COIN) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -7.23%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what the volatility and performance of COIN will be in the future. The volatility of instruments that reflect the value of COIN, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">COIN.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to COIN that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to COIN and therefore achieve its daily inverse investment objective. The Fund’s exposure to COIN is impacted by COIN’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to COIN at the end of each day. The possibility of the Fund being materially over- or under-exposed to COIN increases on days when COIN is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) COIN. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with COIN</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">COIN, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to COIN. Any of these factors could decrease the inverse correlation between </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the performance of the Fund and COIN and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Coinbase Global, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of COIN and make no representation as to the performance of COIN. Investing in the Fund is not equivalent to investing in COIN. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to COIN.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Coinbase Global, Inc. Investing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, COIN faces risks associated with: significant fluctuations in operating results; revenue dependencies on the price of crypto assets and volume of transactions on its platform; revenues may be concentrated on a limited number of crypto assets; overall demand for crypto assets; interest rate fluctuations; possible limitations on the development and growth of crypto assets; potential cyberattacks and security breaches; highly-evolving and uncertain regulatory landscape; high level of competition; material pending litigation, class actions, investigations and regulatory enforcement actions; reliance on third parties for certain aspect of its operations; and potential theft, loss, or destruction of private keys required to access crypto assets held in custody for customers or the company, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be irreversible.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of COIN. Significant short-term price movements in COIN could adversely impact the performance of both COIN and the Fund, increase the Fund’s bid-ask spread and adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of COIN.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, COIN, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which COIN is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact COIN and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Crypto Industry Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Companies in the crypto </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry are subject to various risks, including the inability to develop digital asset applications or to capitalize on those applications, theft, loss, or destruction of cryptographic keys, the possibility that digital asset technologies may never be fully implemented, cybersecurity risk, conflicting intellectual property claims, and inconsistent and changing regulations. Digital payments processing companies are subject to various risks, including those associated with intense competition, changes in regulation, economic conditions, deterioration in credit markets, impairment of intellectual property rights, disruptions in service, and cybersecurity attacks and other types of theft. Some of the companies in which the Fund will invest are engaged in other lines of business unrelated to the crypto ecosystem and these lines of business could adversely affect their operating results. Crypto asset markets are also relatively new markets, are not regulated in a manner similar to U.S. equities markets, have variable liquidity and may be subject to manipulation. Crypto asset systems, including those built using third party products, may be subject to technical defects or vulnerabilities, and such defects </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or vulnerabilities may not be capable of being cured.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to COIN,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily COST Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of COST. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to COST, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Costco Wholesale Corporation engages in the provision of operation of membership warehouses through wholly owned </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">subsidiaries. It operates through the following geographical segments: United States, Canada, and Other International Operations. The company was founded in 1983 and is headquartered in Issaquah, Washington. COST is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Costco Wholesale Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20355 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Costco Wholesale Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, COST is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COST exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of COST. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to COST is consistent with the Fund’s investment objective. The impact of COST’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of COST has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of COST has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Costco Wholesale Corporation from the publicly available documents described above. Neither </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Costco Wholesale Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of COST have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Costco Wholesale Corporation could affect the value of the Fund’s investments with respect to COST and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to COST, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COST exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short COST exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of COST rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when COST’s daily return decreases. The Fund’s assets will decrease in value when COST’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of COST approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to COST or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to COST, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of COST’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of COST during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of COST. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of COST. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if COST provided no return over a one year period during which COST experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if COST’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if COST’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of COST and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of COST. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">COST’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 22.50%. COST’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 31.72% and volatility for a shorter period of time may have been substantially higher. COST’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 19.30%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what COST volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to COST that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to COST and therefore achieve its daily inverse investment objective. The Fund’s exposure to COST is impacted by COST’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to COST at the end of each day. The possibility of the Fund being materially over- or under-exposed to COST increases on days when COST is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) COST. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with COST</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">COST, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to COST. Any of these factors could decrease the inverse correlation between the performance of the Fund and COST and may hinder </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Costco Wholesale Corporation is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of COST and make no representation as to the performance of COST. Investing in the Fund is not equivalent to investing in COST. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to COST.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Costco Wholesale Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Costco Wholesale Corporation shares face risks associated with: dependence on the U.S. and Canadian operations; difficulties implementing growth strategies; failure to maintain membership growth, loyalty and brand recognition; disruptions in merchandise distribution or manufacturing; being able to respond to consumer tastes and demands in a timely fashion; performance and maintenance of the information technology systems of the business; increasing threats of data breaches; payment systems; potential for injury or illness to members; development of omnichannel systems; ability to attract and retain qualified employees; intense competition; general state of the economy as whole; reliance on third party suppliers and their timelines; fluctuations in foreign exchange rates; possibility of natural disasters and other catastrophic events; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of COST. Significant short-term price movements in COST could adversely impact the performance of both COST and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of COST.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, COST, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which COST is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact COST and/or consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to COST,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CRM Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of CRM. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CRM, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Salesforce, Inc. engages in the design and development of cloud-based enterprise software for customer relationship </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">management. The company was founded in 1999 and is headquartered in San Francisco, CA. CRM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Salesforce, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32224 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Salesforce, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CRM is assigned to the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CRM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRM is consistent with the Fund’s investment objective. The impact of CRM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRM has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRM has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Salesforce, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Salesforce, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Salesforce, Inc. could affect the value of the Fund’s investments with respect to CRM </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to CRM, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CRM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short CRM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of CRM rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when CRM’s daily return decreases. The Fund’s assets will decrease in value when CRM’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of CRM approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to CRM or limited liquidity related to the reference asset of the underlying short position, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to CRM, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of CRM’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CRM during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CRM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of CRM. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if CRM provided no return over a one year period during which CRM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRM’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CRM’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of CRM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of CRM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM’s annualized historical volatility rate for the five year period ended December 31, 2025 was 35.29%. CRM’s highest volatility rate for any one calendar year during the five year period was 47.22% and volatility for a shorter period of time may have been substantially higher. CRM’s annualized performance for the five-year period ended December 31, 2025 was 3.80%. Historical volatility and performance are not indications of what CRM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CRM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to CRM and therefore achieve its daily inverse investment objective. The Fund’s exposure to CRM is impacted by CRM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRM at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRM increases on days when CRM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRM. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with CRM or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CRM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CRM. Any of these factors could decrease the inverse correlation between the performance of the Fund and CRM and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Salesforce, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CRM and make no representation as to the performance of CRM. Investing in the Fund is not equivalent to investing in CRM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to CRM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of CRM. Significant short-term price movements in CRM could adversely impact the performance of both CRM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of CRM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CRM, and therefore, a particular industry and will have more than 25% of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which CRM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact CRM and/or information technology sector and the software </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CRM, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DAL Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of DAL. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Delta Air Lines, Inc. engages in the provision of scheduled air transportation for passengers and cargo. It operates </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">through the Airline and Refinery segments. The company was founded in 1928 and is headquartered in Atlanta, GA. DAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Delta Air Lines, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05424 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Delta Air Lines, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, DAL is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DAL is consistent with the Fund’s investment objective. The impact of DAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DAL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DAL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Delta Air Lines, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Delta Air Lines, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Delta Air Lines, Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">DAL and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of DAL rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when DAL’s daily return decreases. The Fund’s assets will decrease in value when DAL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of DAL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to DAL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to DAL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of DAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DAL during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of DAL. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if DAL provided no return over a one year period during which DAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DAL’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if DAL’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of DAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of DAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DAL’s annualized historical volatility rate for the five year period ended December 31, 2025 was 40.11%. DAL’s highest volatility rate for any one calendar year during the five year period was 49.80% and volatility for a shorter period of time may have been substantially higher. DAL’s annualized performance for the five-year period ended December 31, 2025 was 12.14%. Historical volatility and performance are not indications of what DAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to DAL and therefore achieve its daily inverse investment objective. The Fund’s exposure to DAL is impacted by DAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to DAL increases on days when DAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DAL. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with DAL or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to DAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DAL. Any of these factors could decrease the inverse correlation between the performance of the Fund and DAL and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Delta Air Lines, Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DAL and make no representation as to the performance of DAL. Investing in the Fund is not equivalent to investing in DAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to DAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of DAL. Significant short-term price movements in DAL could adversely impact the performance of both DAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of DAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DAL, and therefore, a particular industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which DAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact DAL and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to DAL, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DIS Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of DIS. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve its </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DIS, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Walt Disney Company engages in the business of international family entertainment and media enterprise. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">It owns and operates television and radio production, distribution and broadcasting stations, direct-to-consumer services, amusement parks, and hotels. It operates through the following business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. The company was founded in 1923 and is headquartered in Burbank, California. DIS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Walt Disney Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38842 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Walt Disney Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, DIS is assigned to the communication services sector and the entertainment industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DIS exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the communication services sector and the entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DIS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DIS is consistent with the Fund’s investment objective. The impact of DIS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DIS has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DIS has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding The Walt Disney Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding The Walt Disney Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DIS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning The Walt Disney Company could affect the value of the Fund’s investments with respect to DIS and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DIS, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DIS exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the communication services sector and the entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DIS exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of DIS rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when DIS’s daily return decreases. The Fund’s assets will decrease in value when DIS’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of DIS approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to DIS or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to DIS, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of DIS’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DIS during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DIS. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of DIS. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if DIS provided no return over a one year period during which DIS experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DIS’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if DIS’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of DIS and those shaded green (or light gray) </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return more than -100% of the performance of DIS. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DIS’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 29.14%. DIS’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">37.42% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. DIS’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -8.46%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DIS volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DIS that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to DIS and therefore achieve its daily inverse investment objective. The Fund’s exposure to DIS is impacted by DIS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DIS at the end of each day. The possibility of the Fund being materially over- or under-exposed to DIS increases on days when DIS is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DIS. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired inverse correlation with DIS</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">DIS, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DIS. Any of these factors could decrease the inverse correlation between the performance of the Fund and DIS and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Walt Disney Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DIS and make no representation as to the performance of DIS. Investing in the Fund is not equivalent to investing in DIS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to DIS.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">The Walt Disney Company Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, The Walt Disney Company shares face risks associated with: the potential for a decline in global and regional economic conditions; fluctuations in foreign currency; changes in technology and consumer consumption patterns; may be misaligned with public and consumer tastes and preferences for entertainment and travel; variety of events that are uncontrollable and would disrupt business, including health events, natural disasters and climate change; increasing competitive pressures; ability to renew long-term contracts on favorable terms; damage to reputation or brand; ability to obtain required financing; labor disputes; business seasonality; ability to attract and retain employees; maintenance of intellectual property; cybersecurity threats and data breaches; changing regulations may impact business; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of DIS. Significant short-term price movements in DIS could adversely impact the performance of both DIS and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DIS.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DIS, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the communication services sector and the entertainment industry (the risks of which are described below), the same industry and/or sector to which DIS is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to increase from any market movements that adversely impact DIS and/or communication services sector and the </span><span style="font-family:Arial;font-size:8.645pt;">entertainment industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Entertainment Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">entertainment industry may be impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. The entertainment industry is regulated, and subject to changes in the rules regarding advertising and the content produced by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">entertainment companies can increase overall production and distribution costs. Companies in the entertainment industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">content.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to DIS,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DKNG Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of DKNG. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DKNG, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DraftKings, Inc. is a digital sports entertainment and gaming company, which engages in the provision of online sports </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">betting, online casino, daily fantasy sports product offerings, DraftKings Marketplace, retail sportsbook, media, and other consumer product offerings. The company was founded in 2011 and is headquartered in Boston, Massachusetts. DKNG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by DraftKings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41379 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding DraftKings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, DKNG is assigned to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DKNG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DKNG. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DKNG is consistent with the Fund’s investment objective. The impact of DKNG’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DKNG has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DKNG has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding DraftKings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding DraftKings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DKNG have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning DraftKings Inc. could affect the value of the Fund’s investments with respect to DKNG </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to DKNG, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DKNG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">restaurants, &amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short DKNG exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of DKNG rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when DKNG’s daily return decreases. The Fund’s assets will decrease in value when DKNG’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of DKNG approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to DKNG or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to DKNG, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of DKNG’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DKNG during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DKNG. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of DKNG. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if DKNG provided no return over a one year period during which DKNG experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DKNG’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if DKNG’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of DKNG and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of DKNG. The table below is not a representation of the Fund’s actual returns, which may be significantly better or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DKNG’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 61.87%. DKNG’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 96.37% and volatility for a shorter period of time may have been substantially higher. DKNG’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -5.84%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DKNG volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DKNG that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to DKNG and therefore achieve its daily inverse investment objective. The Fund’s exposure to DKNG is impacted by DKNG’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DKNG at the end of each day. The possibility of the Fund being materially over- or under-exposed to DKNG increases on days when DKNG is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DKNG. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with DKNG</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">DKNG, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DKNG. Any of these factors could decrease the inverse correlation between the performance of the Fund and DKNG and may hinder </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> DraftKings Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DKNG and make no representation as to the performance of DKNG. Investing in the Fund is not equivalent to investing in DKNG. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to DKNG.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">DraftKings, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, DraftKings, Inc. shares face risks associated with: significant competition in the industry; economic downturns and market conditions are uncontrollable; foreign regulations may change; reductions in consumer discretionary spending could have an adverse effect on business; fluctuations in operating results; historical losses may reoccur in the future; business demand fluctuates seasonally; reliance on artificial intelligence and information technology; vulnerability for data breaches; reliance on third party providers in uncontrollable; reliance on third party payment processors and sports data providers; failure to detect fraud or theft; reliance on strategic relationships with casinos, tribes and horse-tracks to offer services in certain jurisdictions; growth is dependent on development of new users, products and offerings; growth is also dependent on the legal status of real-money gambling; ability to obtain adequate financing; likelihood for errors in odd calculations; negative events may result in negative press; difficulty accessing the service of banks and financial institutions; as well as regulatory, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of DKNG. Significant short-term price movements in DKNG could adversely impact the performance of both DKNG and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of DKNG.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DKNG, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which DKNG is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that adversely impact DKNG and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants, &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Sports Betting &amp; iGaming Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The iGaming </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and sports betting industry is characterized by an increasingly high degree of competition among a large number of participants including from participants performing illegal activities or unregulated companies. Expansion of iGaming and sports betting in other jurisdictions (both regulated and unregulated) could increase competition with traditional betting companies, which could have an adverse impact on their financial condition, operations and cash flows. In a broader sense, iGaming and sports betting companies face competition from all manner of leisure and entertainment activities, including shopping, athletic events, television and movies, concerts and travel. In addition, established jurisdictions could award additional licenses or permit the expansion or relocation of existing sports betting companies. These companies also may be subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy. In addition to the costs of complying with such constraints, the unintended disclosure of confidential information, whether because of an error or a cybersecurity event, could adversely affect the reputation, profitability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and value of these companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to DKNG,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily GM Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of GM. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to GM, consistent with the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">General Motors Company engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">automobile parts, and in providing software-enabled services and subscriptions. The company was founded in 1908 and is headquartered in Detroit, MI. GM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by General Motors Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34960 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding General Motors Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, GM is assigned to the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short GM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of GM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to GM is consistent with the Fund’s investment objective. The impact of GM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of GM has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of GM has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding General Motors Company from the publicly available documents described above. Neither the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding General Motors Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of GM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning General Motors Company could affect the value of the Fund’s investments with respect to GM and therefore the value </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to GM, consistent with the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short GM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short GM exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of GM rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when GM’s daily return decreases. The Fund’s assets will decrease in value when GM’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of GM approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to GM or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to GM, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of GM’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of GM during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of GM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of GM. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if GM provided no return over a one year period during which GM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if GM’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if GM’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of GM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of GM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">GM’s annualized historical volatility rate for the five year period ended December 31, 2025 was 37.24%. GM’s highest volatility rate for any one calendar year during the five year period was 44.21% and volatility for a shorter period of time may have been substantially higher. GM’s annualized performance for the five-year period ended December 31, 2025 was 15.13%. Historical volatility and performance are not indications of what GM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to GM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to GM and therefore achieve its daily inverse investment objective. The Fund’s exposure to GM is impacted by GM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to GM at the end of each day. The possibility of the Fund being materially over- or under-exposed to GM increases on days when GM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) GM. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with GM or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to GM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to GM. Any of these factors could decrease the inverse correlation between the performance of the Fund and GM and may hinder the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> General Motors Company is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of GM and make no representation as to the performance of GM. Investing in the Fund is not equivalent to investing in GM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to GM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of GM. Significant short-term price movements in GM could adversely impact the performance of both GM and the Fund, increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of GM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, GM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and automobiles industry (the risks of which are described below), the same industry and/or sector to which GM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact GM and/or consumer discretionary sector and automobiles </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain </span><span style="font-family:Arial;font-size:8.645pt;">events that may negatively impact the automotive industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to GM, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily HOOD Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of HOOD. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to HOOD, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Robinhood Markets, Inc. is a financial services platform, which engages in the provision of retail brokerage and offers trading </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in U.S. listed stocks and Exchange Traded Funds, related options, and cryptocurrency trading, as well as cash management, which includes debit cards services. The company was founded in 2013 and is headquartered in Menlo Park, California. HOOD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Robinhood Markets, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40691 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Robinhood Markets, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, HOOD is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in HOOD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short HOOD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of HOOD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to HOOD is consistent with the Fund’s investment objective. The impact of HOOD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of HOOD has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of HOOD has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Robinhood Markets, Inc. from the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Robinhood Markets, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of HOOD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Robinhood Markets, Inc. could affect the value of the Fund’s investments with respect to HOOD and therefore the value of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to HOOD, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in HOOD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short HOOD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in HOOD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short HOOD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of HOOD rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when HOOD’s daily return decreases. The Fund’s assets will decrease in value when HOOD’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of HOOD approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to HOOD or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to HOOD, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of HOOD’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of HOOD during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) </span><span style="font-family:Arial;font-size:8.645pt;">volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of HOOD. The chart below provides examples of how </span><span style="font-family:Arial;font-size:8.645pt;">volatility and its return could affect the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance. The chart shows estimated Fund returns for a number of combinations of </span><span style="font-family:Arial;font-size:8.645pt;">volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher </span><span style="font-family:Arial;font-size:8.645pt;">volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">compounding will cause results for periods longer than a trading day to vary from -100% of the performance of HOOD. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if HOOD provided no return over a one year period during which HOOD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if HOOD’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if HOOD’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of HOOD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of HOOD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">HOOD’s annualized historical volatility rate for the period from July 28, 2021 (the offering date of HOOD) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 74.00%. HOOD's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from July 28, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of HOOD) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 109.42% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. HOOD</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from July 28, 2021 (the offering date of HOOD) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 30.46%. Historical volatility and performance are not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">indications of what the volatility and performance of HOOD will be in the future. The volatility of instruments that reflect the value of HOOD, such as swaps, may differ from the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of HOOD.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">performance on the long-term performance of the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to HOOD that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to HOOD and therefore achieve its daily inverse investment objective. The Fund’s exposure to HOOD is impacted by HOOD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to HOOD at the end of each day. The possibility of the Fund being materially over- or under-exposed to HOOD increases on days when HOOD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) HOOD. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with HOOD</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">HOOD, resulting in the Fund not performing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to HOOD. Any of these factors could decrease the inverse correlation between the performance of the Fund and HOOD and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Robinhood Markets, Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of HOOD and make no representation as to the performance of HOOD. Investing in the Fund is not equivalent to investing in HOOD. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to HOOD.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Robinhood Markets, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Robinhood Markets, Inc. shares face risks associated with: growth may be difficult to maintain; limited operation experience at current scale; results of operations fluctuate; changes in transaction-based revenue would have an adverse impact; direct and indirect exposure to fluctuating interest rates; failure to comply with “best execution” requirements; ability to obtain adequate capital and financing; harm of brand and reputation; failure of financial institutions used would cause substantial losses; changing business, economic and political conditions; ability to attract and retain key employees and maintain a secure business system; expansion of business into foreign markets; exposure to funding losses; as well as regulatory, tax, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of HOOD. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Significant short-term price movements in HOOD could adversely impact the performance of both HOOD and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of HOOD.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, HOOD, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which HOOD is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact HOOD and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to HOOD,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily INTC Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of INTC. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to INTC, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Intel Corporation engages in the design, manufacture, and sale of computer products and technologies. The company </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">was founded in 1968, and is headquartered in Santa Clara, California. INTC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Intel Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-06217 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Intel Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, INTC is </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assigned to the information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">semiconductor industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in INTC that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short INTC exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of INTC. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to INTC is consistent with the Fund’s investment objective. The impact of INTC’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of INTC has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of INTC has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Intel Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Intel Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of INTC have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Intel Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">INTC and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to INTC, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in INTC that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short INTC exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in INTC that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short INTC exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of INTC rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when INTC’s daily return decreases. The Fund’s assets will decrease in value when INTC’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of INTC approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to INTC or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to INTC, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of INTC’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of INTC during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of INTC. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of INTC. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if INTC provided no return over a one year period during which INTC experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if INTC’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if INTC’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of INTC and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of INTC. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">INTC’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 46.24%. INTC’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">62.22% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. INTC’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -3.9%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what INTC volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to INTC that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to INTC and therefore achieve its daily inverse investment objective. The Fund’s exposure to INTC is impacted by INTC’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to INTC at the end of each day. The possibility of the Fund being materially over- or under-exposed to INTC increases on days when INTC is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) INTC. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with INTC</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">INTC, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to INTC. Any of these factors could decrease the inverse correlation between the performance of the Fund and INTC and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Intel Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of INTC and make no representation as to the performance of INTC. Investing in the Fund is not equivalent to investing in INTC. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to INTC.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intel Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Intel Corporation shares face risks associated with: intense competition; rapidly changing industry; long-term risky investments in research and development may not benefit the company; development and implementation of semiconductor products is uncertain; changes in demand and margins; macroeconomic conditions are uncontrollable; use of artificial intelligence is rapidly evolving; complexities of the global supply chain; products may have defects or other issues; security vulnerabilities; cybersecurity attacks; intellectual property risks; ability to retain and attract qualified talent; fluctuations in currency exchange rates; catastrophic events are impossible to predict and can have a material adverse effect; as well as regulatory, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of INTC. Significant short-term price movements in INTC could adversely impact the performance of both INTC and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of INTC.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, INTC, and therefore, a particular industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which INTC is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to increase from any market movements that adversely impact INTC and/or information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to INTC,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily KO Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of KO. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve its </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to KO, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Coca-Cola Company engages in the manufacturing and marketing of non-alcoholic beverages. It operates through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the following segments: Europe, Middle East and Africa, Latin America, North America, Asia Pacific, Global Ventures, and Bottling Investments. The company was founded in 1886 and is headquartered in Atlanta, Georgia. KO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Coca-Cola Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-02217 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Coca-Cola Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, KO is assigned to the consumer staples industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short KO exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of KO. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to KO is consistent with the Fund’s investment objective. The impact of KO’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of KO has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of KO has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding The Coca-Cola Company from the publicly available documents described above. Neither the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding The Coca-Cola Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of KO have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning The Coca-Cola Company could affect the value of the Fund’s investments with respect to KO and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to KO, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short KO exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short KO exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of KO rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when KO’s daily return decreases. The Fund’s assets will decrease in value when KO’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of KO approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to KO or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to KO, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of KO’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of KO during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of KO. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of KO. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if KO provided no return over a one year period during which KO experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if KO’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if KO’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of KO and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of KO. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">KO’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 16.00%. KO’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">19.81% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. KO’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 8.18%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what KO volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to KO that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to KO and therefore achieve its daily inverse investment objective. The Fund’s exposure to KO is impacted by KO’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to KO at the end of each day. The possibility of the Fund being materially over- or under-exposed to KO increases on days when KO is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) KO. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired inverse correlation with KO</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">KO, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to KO. Any of these factors could decrease the inverse correlation between the performance of the Fund and KO and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Coca-Cola Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of KO and make no representation as to the performance of KO. Investing in the Fund is not equivalent to investing in KO. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to KO.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">The Coca-Cola Company Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, The Coca-Cola Company shares face risks associated with: potential for changes in the economic and geopolitical conditions; increased competition; failure of innovation; changes in retail landscape; inability to expand business into emerging and developing countries; ability to attract and retain key employees; disruptions in the supply chain; reliance on third-party service providers; labor disputes; changes in consumer demands; perceived negative effects of certain ingredients; product safety and health concerns; negative publicity; reliance on bottling partners; as well as regulatory, tax, insurance, legal and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of KO. Significant short-term price movements in KO could adversely impact the performance of both KO and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of KO.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, KO, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which KO is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact KO and/or consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to KO,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LCID Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of LCID. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to LCID, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Lucid Group, Inc. manufactures electric vehicles. It designs, develops, and builds energy storage systems for electric </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">vehicles and supplies automakers with the battery pack system needed to power hybrid, plug-in, and electric vehicles. The company was founded in December 2007 and is headquartered in Newark, California. LCID is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Lucid Group, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39408 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Lucid Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, LCID is assigned to the consumer discretionary sector and the automotive industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LCID exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the automotive industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and the automotive industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LCID. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LCID is consistent with the Fund’s investment objective. The impact of LCID’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LCID has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LCID has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Lucid Group, Inc. from the publicly </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Lucid Group, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LCID have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Lucid Group, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">LCID and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to LCID, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LCID exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the automotive industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discretionary sector and the automotive industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LCID exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of LCID rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when LCID’s daily return decreases. The Fund’s assets will decrease in value when LCID’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of LCID approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to LCID or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to LCID, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of LCID’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LCID during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LCID. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of LCID. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if LCID provided no return over a one year period during which LCID experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LCID’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if LCID’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of LCID and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of LCID. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LCID’s annualized historical volatility rate for the period from July </span><span style="font-family:Arial;font-size:8.645pt;">26, 2021 (the offering date of LCID) to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 82.29%. LCID's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from July 26, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of LCID) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 95.31% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. LCID</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from July </span><span style="font-family:Arial;font-size:8.645pt;">26, 2021 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(the offering date of LCID) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -51.77%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what the volatility and performance of LCID will be in the future. The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;">of LCID, such as swaps, may differ from the volatility of LCID.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LCID that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to LCID and therefore achieve its daily inverse investment objective. The Fund’s exposure to LCID is impacted by LCID’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LCID at the end of each day. The possibility of the Fund being materially over- or under-exposed to LCID increases on days when LCID is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LCID. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with LCID</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">LCID, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LCID. Any of these factors could decrease the inverse correlation between the performance of the Fund and LCID and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Lucid Group, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LCID and make no representation as to the performance of LCID. Investing in the Fund is not equivalent to investing in LCID. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to LCID.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Lucid Group, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Lucid Group, Inc. shares face risks associated with: limited operating history and future business prospects; historical net losses continuing; an inability to control substantial costs; cancellable orders; a global downtown or recession; dependence on a single model of vehicle; the cancellation of or inability to fulfill a large contract from Saudi Arabia; dependence on brand image; no third-party retail product distribution and service network; consumers’ adoption of electric vehicles; changing international business operations; significant barriers to entry and competition in the automotive industry; elimination or reduction of government initiatives; an inability to offer attractive leasing and financing options; development of technology related to autonomous driving advanced driving assistance; low gas prices hampering demand; supply chain complexities; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of LCID. Significant short-term price movements in LCID could adversely impact the performance of both LCID and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of LCID.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LCID, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the automotive industry (the risks of which are described below), the same industry and/or sector to which LCID is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to increase from any market movements that adversely impact LCID and/or consumer discretionary sector and the automotive </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Electric and Autonomous Vehicles Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Electric and autonomous vehicles companies typically face intense competition and potentially rapid product obsolescence. Many of these companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Electric and autonomous vehicles companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. Companies that produce the raw materials that are used in electric vehicles may be concentrated in certain commodities, and therefore be exposed to the price fluctuations of those commodities. In addition, autonomous vehicle technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Electric and autonomous vehicles companies are also potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Electric and autonomous vehicles companies rely on artificial intelligence and big data technologies for the development of their platforms and, as a result, could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The customers and/or suppliers of electric and autonomous vehicles companies may be concentrated in a particular country, region or industry, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including in emerging markets. Any adverse event affecting one of these countries, regions or industries could have a negative impact on electric and autonomous vehicles </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">events that may negatively impact the automotive industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to LCID,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LUV Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of LUV. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to LUV, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Southwest Airlines Co. engages in the operation and management of a passenger airline. The company was </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">founded in1967 and is headquartered in Dallas, TX. LUV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Southwest Airlines Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-7259 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Southwest Airlines Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, LUV is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LUV exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LUV. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LUV is consistent with the Fund’s investment objective. The impact of LUV’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LUV has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LUV has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Southwest Airlines Co. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">that such publicly available documents or any other publicly available information regarding Southwest Airlines Co. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LUV have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Southwest Airlines Co. could affect the value of the Fund’s investments with respect </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">to LUV and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to LUV, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LUV exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short LUV exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of LUV rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when LUV’s daily return decreases. The Fund’s assets will decrease in value when LUV’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of LUV approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to LUV or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to LUV, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of LUV’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LUV during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LUV. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of LUV. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if LUV provided no return over a one year period during which LUV experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LUV’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if LUV’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of LUV and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of LUV. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LUV’s annualized historical volatility rate for the five year period ended December 31, 2025 was 36.36%. LUV’s highest volatility rate for any one calendar year during the five year period was 42.67% and volatility for a shorter period of time may have been substantially higher. LUV’s annualized performance for the five-year period ended December 31, 2025 was -0.96%. Historical volatility and performance are not indications of what LUV volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LUV that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to LUV and therefore achieve its daily inverse investment objective. The Fund’s exposure to LUV is impacted by LUV’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LUV at the end of each day. The possibility of the Fund being materially over- or under-exposed to LUV increases on days when LUV is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LUV. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with LUV or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to LUV, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LUV. Any of these factors could decrease the inverse correlation between the performance of the Fund and LUV and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Southwest Airlines Co. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LUV and make no representation as to the performance of LUV. Investing in the Fund is not equivalent to investing in LUV. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to LUV.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of LUV. Significant short-term price movements in LUV could adversely impact the performance of both LUV and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of LUV.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LUV, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which LUV is assigned. Since the Fund is concentrated in a particular security and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact LUV and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to LUV, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily MARA Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of MARA. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MARA, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support Bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power Bitcoin mining projects. The company was founded in 2010 and is headquartered in Fort Lauderdale, Florida. MARA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36555 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MARA Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, MARA </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is assigned to the information technology sector and software </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MARA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MARA. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MARA is consistent with the Fund’s investment objective. The impact of MARA’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MARA has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of MARA has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding MARA Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding MARA Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MARA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning MARA Holdings, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">MARA and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MARA, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MARA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MARA exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of MARA rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when MARA’s daily return decreases. The Fund’s assets will decrease in value when MARA’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of MARA approaches a 100% increase at any point in the day, an investor could lose their entire </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to MARA or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to MARA, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of MARA’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of MARA during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of MARA. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of MARA. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if MARA provided no return over a one year period during which MARA experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if MARA’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if MARA’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of MARA and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of MARA. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MARA’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 114.92%. MARA’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">highest volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">134.62% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. MARA’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -2.97%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what MARA volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to MARA that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to MARA and therefore achieve its daily inverse investment objective. The Fund’s exposure to MARA is impacted by MARA’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MARA at the end of each day. The possibility of the Fund being materially over- or under-exposed to MARA increases on days when MARA is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) MARA. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with MARA</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">MARA, resulting in the Fund not performing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to MARA. Any of these factors could decrease the inverse correlation between the performance of the Fund and MARA and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> MARA Holdings, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of MARA and make no representation as to the performance of MARA. Investing in the Fund is not equivalent to investing in MARA. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to MARA.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">MARA Holdings, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, MARA Holdings, Inc. shares face risks associated with: bitcoin and bitcoin prices are highly volatile; the regulatory environment of bitcoin is ever evolving; failure to grow hash rate could result in the operations to suffer; potential for the disruptions of the crypto asset markets; geopolitical and economic crisis; open-source structure of the Bitcoin network protocol could adversely impact operations; potential for “forks” in the blockchain; mining and processing irregularities; reliance on immersion-cooling; loss or destruction of private keys may be irreversible; security threats; ability to adapt to changing technology; limitation of legal recourse available; security breaches, privacy concerns and cybersecurity attacks; reliance on third-party hosting; intellectual property rights claims may adversely affect operations; reliance on key personnel; prolonged power </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or internet outages; as well as regulatory, tax, insurance, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of MARA. Significant short-term price movements in MARA could adversely impact the performance of both MARA and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of MARA.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, MARA, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which MARA is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that adversely impact MARA and/or information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Crypto Industry Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Companies in the crypto </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry are subject to various risks, including the inability to develop digital asset applications or to capitalize on those applications, theft, loss, or destruction of cryptographic keys, the possibility that digital asset technologies may never be fully implemented, cybersecurity risk, conflicting intellectual property claims, and inconsistent and changing regulations. Digital payments processing companies are subject to various risks, including those associated with intense competition, changes in regulation, economic conditions, deterioration in credit markets, impairment of intellectual property rights, disruptions in service, and cybersecurity attacks and other types of theft. Some of the companies in which the Fund will invest are engaged in other lines of business unrelated to the crypto ecosystem and these lines of business could adversely affect their operating results. Crypto asset markets are also relatively new markets, are not regulated in a manner similar to U.S. equities markets, have variable liquidity and may be subject to manipulation. Crypto asset systems, including those built using third party products, may be subject to technical defects or vulnerabilities, and such defects </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or vulnerabilities may not be capable of being cured.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to MARA,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily MRVL Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of MRVL. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MRVL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Marvell Technology, Inc. engages in the design, development, and sale of integrated circuits. The company was founded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in 1995 and is headquartered in Wilmington, DE. MRVL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Marvell Technology, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40357 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Marvell Technology, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, MRVL is assigned to the information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">semiconductor industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MRVL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MRVL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MRVL is consistent with the Fund’s investment objective. The impact of MRVL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MRVL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of MRVL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Marvell Technology, Inc. from the publicly available documents described above. Neither the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Marvell Technology, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MRVL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Marvell Technology, Inc. could affect the value of the Fund’s investments with respect to MRVL and therefore the value </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to MRVL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MRVL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MRVL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short MRVL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of MRVL rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when MRVL’s daily return decreases. The Fund’s assets will decrease in value when MRVL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of MRVL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to MRVL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to MRVL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of MRVL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of MRVL during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of MRVL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of MRVL. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if MRVL provided no return over a one year period during which MRVL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if MRVL’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if MRVL’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of MRVL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of MRVL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MRVL’s annualized historical volatility rate for the five year period ended December 31, 2025 was 58.03%. MRVL’s highest volatility rate for any one calendar year during the five year period was 69.91% and volatility for a shorter period of time may have been substantially higher. MRVL’s annualized performance for the five-year period ended December 31, 2025 was 12.75%. Historical volatility and performance are not indications of what MRVL volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to MRVL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to MRVL and therefore achieve its daily inverse investment objective. The Fund’s exposure to MRVL is impacted by MRVL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MRVL at the end of each day. The possibility of the Fund being materially over- or under-exposed to MRVL increases on days when MRVL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) MRVL. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with MRVL or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to MRVL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to MRVL. Any of these factors could decrease the inverse correlation between the performance of the Fund and MRVL and may hinder </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Marvell Technology, Inc. is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of MRVL and make no representation as to the performance of MRVL. Investing in the Fund is not equivalent to investing in MRVL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to MRVL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of MRVL. Significant short-term price movements in MRVL could adversely impact the performance of both MRVL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of MRVL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, MRVL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which MRVL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact MRVL and/or information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">semiconductor industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="font-family:Arial;font-size:8.645pt;">companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to MRVL, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily NKE Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of NKE. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to NKE, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NIKE, Inc. engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, equipment, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and services. The company was founded in 1964 and is headquartered in Beaverton, OR. NKE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10635 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, NKE is assigned to the consumer discretionary sector and textiles, </span><span style="font-family:Arial;font-size:8.645pt;">apparel &amp; luxury goods industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short NKE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="font-family:Arial;font-size:8.645pt;">goods industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of NKE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to NKE is consistent with the Fund’s investment objective. The impact of NKE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NKE has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of NKE has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding NIKE, Inc. from the publicly available documents described above. Neither the Fund, the Trust, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding NIKE, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NKE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning NIKE, Inc. could affect the value of the Fund’s investments with respect to NKE and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to NKE, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short NKE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="font-family:Arial;font-size:8.645pt;">goods industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short NKE exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of NKE rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when NKE’s daily return decreases. The Fund’s assets will decrease in value when NKE’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of NKE approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to NKE or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to NKE, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of NKE’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NKE during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of NKE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of NKE. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if NKE provided no return over a one year period during which NKE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if NKE’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if NKE’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of NKE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of NKE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NKE’s annualized historical volatility rate for the five year period ended December 31, 2025 was 34.86%. NKE’s highest volatility rate for any one calendar year during the five year period was 42.38% and volatility for a shorter period of time may have been substantially higher. NKE’s annualized performance for the five-year period ended December 31, 2025 was -13.52%. Historical volatility and performance are not indications of what NKE volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to NKE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to NKE and therefore achieve its daily inverse investment objective. The Fund’s exposure to NKE is impacted by NKE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NKE at the end of each day. The possibility of the Fund being materially over- or under-exposed to NKE increases on days when NKE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) NKE. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with NKE or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to NKE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to NKE. Any of these factors could decrease the inverse correlation between the performance of the Fund and NKE and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> NIKE, Inc. is not affiliated with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of NKE and make no representation as to the performance of NKE. Investing in the Fund is not equivalent to investing in NKE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="font-family:Arial;font-size:8.645pt;">respect to NKE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of NKE. Significant short-term price movements in NKE could adversely impact the performance of both NKE and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of NKE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, NKE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (the risks of which are described below), the same industry and/or sector to which NKE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact NKE and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and textiles, apparel &amp; luxury goods industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to NKE, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily O Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of O. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve its </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to O, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Realty Income Corporation is a real estate company, which engages in generating dependable monthly cash dividends </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from a consistent and predictable level of cash flow from operations. The company was founded in 1969 and is headquartered in San Diego, California. O is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Realty Income Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-13374 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Realty Income Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, O is assigned to the real estate sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short O exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the real estate sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">real estate sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of O. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to O is consistent with the Fund’s investment objective. The impact of O’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of O has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of O has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Realty Income Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Realty Income Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of O have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Realty Income Corporation could affect the value of the Fund’s investments with respect to O and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to O, consistent with the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short O exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the real estate sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">real estate sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short O exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of O rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when O’s daily return decreases. The Fund’s assets will decrease in value when O’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of O approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to O or limited liquidity related to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to O, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of O’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of O during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of O. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of O. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if O provided no return over a one year period during which O experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if O’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">if O’s annualized volatility is 100%, the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return less than -100% of the performance of O and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of O. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">O’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 19.12%. O’s highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">22.41% and volatility for a shorter period of time may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have been substantially higher. O’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 3.13%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of </span><span style="font-family:Arial;font-size:8.645pt;">what O volatility and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to O that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to O and therefore achieve its daily inverse investment objective. The Fund’s exposure to O is impacted by O’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to O at the end of each day. The possibility of the Fund being materially over- or under-exposed to O increases on days when O is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) O. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired inverse correlation with O</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">O, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to O. Any of these factors could decrease the inverse correlation between the performance of the Fund and O and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Realty Income Corporation is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of O and make no representation as to the performance of O. Investing in the Fund is not equivalent to investing in O. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to O.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Realty Income Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the real estate sector, Realty Income Corporation shares face risks associated with: variability in the supply and demand of real estate; unknown environmental liability of being a property owner; failure to qualify as a REIT; changing regulations related to REITs; debt and preferred stock financing; real estate investment is illiquid; international investment comes with additional risks; property taxes may increase; regulations regarding gaming facilities may change; compliance with the Americans with Disabilities Act of 1990 and regulations promulgated thereunder; climate change impacts are hard to predict; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of O. Significant short-term price movements in O could adversely impact the performance of both O and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of O.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, O, and therefore, a particular industry and will have more than 25% of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure to the real estate sector (the risks of which are described below), the same industry and/or sector to which O is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact O and/or real estate sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Investing in securities of real estate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as natural disasters and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate sector. Although interest rates have significantly increased since 2022, the prices of real estate related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. A correction or severe downturn in real estate-related asset prices in the future could adversely impact the value of securities of real estate companies. Additionally, the recent trend towards remote working environments has decreased, in the longer term the institutionalization of remote work has the potential to negatively impact commercial real estate occupancy rates </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the real estate sector as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to O,</span><span style="font-family:Arial;font-size:8.645pt;"> change its investment objective, reduce its exposure for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily PDD Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of PDD. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PDD, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD Holdings, Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">was founded in 2015 and is headquartered in Dublin, Ireland. PDD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, PDD is assigned to the consumer discretionary sector and retail industry. PDD is a Chinese-based company and is traded as an American Depositary Receipt ("ADR") in the United States. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PDD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and retail industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PDD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PDD is consistent with the Fund’s investment objective. The impact of PDD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PDD has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of PDD has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. from the publicly available documents described above. Neither the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PDD Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PDD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PDD Holdings Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">PDD and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PDD, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PDD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and retail industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PDD exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of PDD rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when PDD’s daily return decreases. The Fund’s assets will decrease in value when PDD’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of PDD approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to PDD or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to PDD, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of PDD’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PDD during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of PDD. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of PDD. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if PDD provided no return over a one year period during which PDD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if PDD’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if PDD’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of PDD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of PDD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD’s annualized historical volatility rate for the five year period ended December 31, 2025 was 70.16%. PDD’s highest volatility rate for any one calendar year during the five year period was 103.25% and volatility for a shorter period of time may have been substantially higher. PDD’s annualized performance for the five-year period ended December 31, 2025 was -8.59%. Historical volatility and performance are not indications of what PDD volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to PDD that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to PDD and therefore achieve its daily inverse investment objective. The Fund’s exposure to PDD is impacted by PDD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PDD at the end of each day. The possibility of the Fund being materially over- or under-exposed to PDD increases on days when PDD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PDD. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with PDD or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to PDD, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to PDD. Any of these factors could decrease the inverse correlation between the performance of the Fund and PDD and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> PDD Holdings Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of PDD and make no representation as to the performance of PDD. Investing in the Fund is not equivalent to investing in PDD. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to PDD.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of PDD. Significant short-term price movements in PDD could adversely impact the performance of both PDD and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of PDD.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chinese Securities Risks </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Although the economy of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">People’s Republic of China (“China” or the “PRC”) has been in a state of transition from a government-planned socialist economy to a more market-oriented economy since the 1970s, the level of government involvement in China’s economy </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">continues to distinguish it from other global markets as the majority of productive assets in China are owned (at different levels) by the PRC. Due to PRC government economic reforms during the last thirty years, China’s economy, as reflected in the value of Chinese issuers, has experienced significant growth. There can be no assurance, however, that the PRC government will continue to pursue such reforms. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. In addition, in recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities </span><span style="font-family:Arial;font-size:8.645pt;">illiquid. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Laws and regulations in China are less well-developed and may not be enforced, and court decisions do not establish binding precedent. In addition, laws and regulations may change with little or no advance notice. Accordingly, there is little assurance about the effect of laws and regulations, including those regarding foreign investment in Chinese securities. The PRC government strictly regulates foreign currency transactions, effectively controlling the flow of capital into and out of China. The Chinese authorities can intervene in the operations and structure of Chinese </span><span style="font-family:Arial;font-size:8.645pt;">companies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Chinese economy is export-driven and highly reliant on trade. China’s maintenance of relationships with its primary trading partners, such as the U.S., Japan, South Korea and countries in the European Union, is critical to the Chinese economy. Worsening trade, diplomatic and military relations between the U.S. and China could adversely impact Chinese securities, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China or investments in Chinese securities listed on U.S. stock exchanges. Securities of Chinese companies traded on U.S. stock exchanges also may be delisted in response to changing economic sanctions, foreign investment rules or other rules, regulations or determinations by the U.S. government. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. Reduction in spending on Chinese products and services, supply chain diversification, additional tariffs or other trade barriers, an economic slowdown or recession in countries that import significant goods from China would likely </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact Chinese issuers. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Inflation has historically been an issue in China, and the taxation of investments in China remains unsettled. Chinese issuers and the Fund, as an investor in such issuers, could be subject to retroactive taxation. There also remains a risk that assets or investments in China will be nationalized or expropriated. China’s securities markets can be more volatile than other global markets and issuers in them are not typically required to provide the same amount or quality of information, including financial information, as U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies. Investors who are harmed as a result of the lack of (quality) information about Chinese issuers will generally have little to no recourse due to the lack of remedies available in China, and the difficulty of pursuing and enforcing </span><span style="font-family:Arial;font-size:8.645pt;">remedies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China has experienced security concerns, such as terrorism and strained international relations. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Additionally, China is alleged to have participated in cyberattacks against foreign countries and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on Chinese government or Chinese companies, may impact China’s economy and </span><span style="font-family:Arial;font-size:8.645pt;">cause uncertainty in Chinese securities markets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, PDD, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and retail industry (the risks of which are described below), the same industry and/or sector to which PDD is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact PDD </span><span style="font-family:Arial;font-size:8.645pt;">and/or consumer discretionary sector and retail industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Retail Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Retail and related industries can be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing </span><span style="font-family:Arial;font-size:8.645pt;">consumer tastes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to PDD, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily PYPL Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of PYPL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PYPL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PayPal Holdings, Inc. engages in the development of technology platforms that enable digital payments and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">simplifies commerce experiences on behalf of merchants and consumers worldwide. The firm also enables consumers to exchange funds with merchants using funding sources, which include bank account, PayPal account balance, PayPal Credit account, credit, and debit card or other stored value products. The company was founded in 1998 and is headquartered in San Jose, California. PYPL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PayPal Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36859 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PayPal Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, PYPL is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PYPL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PYPL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PYPL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PYPL is consistent with the Fund’s investment objective. The impact of PYPL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PYPL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of PYPL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding PayPal Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PayPal Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PYPL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PayPal Holdings, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">PYPL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to PYPL, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PYPL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PYPL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PYPL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short PYPL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of PYPL rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when PYPL’s daily return decreases. The Fund’s assets will decrease in value when PYPL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of PYPL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to PYPL or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to PYPL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of PYPL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PYPL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of PYPL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of PYPL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if PYPL provided no return over a one year period during which PYPL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if PYPL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if PYPL’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of PYPL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of PYPL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PYPL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 41.72%. PYPL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">60.00% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. PYPL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (24.21)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what PYPL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to PYPL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to PYPL and therefore achieve its daily inverse investment objective. The Fund’s exposure to PYPL is impacted by PYPL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PYPL at the end of each day. The possibility of the Fund being materially over- or under-exposed to PYPL increases on days when PYPL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PYPL. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with PYPL</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">PYPL, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to PYPL. Any of these factors could decrease the inverse correlation between the performance of the Fund and PYPL and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> PayPal Holdings, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of PYPL and make no representation as to the performance of PYPL. Investing in the Fund is not equivalent to investing in PYPL. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to PYPL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">PayPal Holdings, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, PayPal Holdings, Inc. shares face risks associated with: cybersecurity and technology issues; development of new technologies is difficult; business is subject to extensive government regulations and oversight, including cryptocurrency regulation; consumer protection laws are complex; standards against anti-money laundering and counter-terrorism financing are constantly increasing; data breaches and privacy concerns; landscape around artificial intelligence is rapidly evolving; intense competition; changes to payment networks may impact business operations; reliance on third-parties; ability to detect services for illegal activities is difficult; global economic conditions may change; brand integrity and reputation; reliance on counterparty financial institutions; ability to attract and maintain key personnel; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of PYPL. Significant short-term price movements in PYPL could adversely impact the performance of both PYPL and the Fund, increase the Fund’s bid-ask spread and adversely impact </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of PYPL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, PYPL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which PYPL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact PYPL and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to PYPL,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RBLX Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of RBLX. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RBLX, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Roblox Corporation engages in the provision of online gaming services. The company was founded in March 2004 and is </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">headquartered in San Mateo, California. RBLX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Roblox Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39763 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Roblox Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, RBLX is assigned to the communication services sector and the entertainment industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RBLX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the communication services sector and the entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RBLX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RBLX is consistent with the Fund’s investment objective. The impact of RBLX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RBLX has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RBLX has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Roblox Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Roblox Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RBLX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Roblox Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">RBLX and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RBLX, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RBLX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the communication services sector and the entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RBLX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of RBLX rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when RBLX’s daily return decreases. The Fund’s assets will decrease in value when RBLX’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of RBLX approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to RBLX or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to RBLX, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of RBLX’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RBLX during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RBLX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of RBLX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if RBLX provided no return over a one year period during which RBLX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RBLX’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RBLX’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of RBLX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of RBLX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RBLX’s annualized historical volatility rate for the period from March </span><span style="font-family:Arial;font-size:8.645pt;">10, 2021 (the offering date of RBLX) to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 70.00%. RBLX's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from March 10, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of RBLX) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 97.43% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. RBLX</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from March </span><span style="font-family:Arial;font-size:8.645pt;">10, 2021 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(the offering date of RBLX) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 3.24%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what the volatility and performance of RBLX will be in the future. The volatility of instruments that reflect the value of RBLX, such as swaps, may differ from the volatility of </span><span style="font-family:Arial;font-size:8.645pt;">RBLX.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RBLX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to RBLX and therefore achieve its daily inverse investment objective. The Fund’s exposure to RBLX is impacted by RBLX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RBLX at the end of each day. The possibility of the Fund being materially over- or under-exposed to RBLX increases on days when RBLX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RBLX. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with RBLX</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">RBLX, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RBLX. Any of these factors could decrease the inverse correlation between </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the performance of the Fund and RBLX and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Roblox Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RBLX and make no representation as to the performance of RBLX. Investing in the Fund is not equivalent to investing in RBLX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RBLX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Roblox Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Roblox Corporation shares face risks associated with: historical losses may occur in the future; business seasonality; historical rapid growth may not be indicative of future growth; reliance on third-party operating systems and distribution channels; maintenance of brand and reputation; failure to retain and add new users; dependence on developers to develop new content; prolonged power or internet outages would impede business operations; lack of comprehensive encryption; security and data breaches; international expansion is complex; reliance on suppliers of certain components; use of platform for illegal activities; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of RBLX. Significant short-term price movements in RBLX could adversely impact the performance of both RBLX and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RBLX.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RBLX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the communication services sector and the entertainment industry (the risks of which are described below), the same industry and/or sector to which RBLX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that adversely impact RBLX and/or communication services sector </span><span style="font-family:Arial;font-size:8.645pt;">and the entertainment industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">E-Gaming Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> E-Gaming companies may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. E-Gaming companies may be dependent on one, or a small number, of product or product franchises for a significant portion of their revenue and profits and they may also be subject to shifting consumer preferences, including preferences with respect to gaming console platforms, and changes in consumer discretionary spending. E-Gaming companies may be adversely impacted by government regulations, and may be subject to additional regulatory oversight with regard to privacy concerns and cybersecurity risk. Recently, E-Gaming companies have faced enhanced regulatory scrutiny, and certain regulators have at times suspended the issuance of licenses for new video games. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. These companies could be negatively impacted by disruptions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in service caused by hardware or software failure.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Entertainment Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">entertainment industry may be impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. The entertainment industry is regulated, and subject to changes in the rules regarding advertising and the content produced by entertainment companies can increase overall production and distribution costs. Companies in the entertainment industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">content.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to RBLX,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RDDT Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of RDDT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RDDT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Reddit, Inc. operates an entertainment, social networking, and news website where registered community members </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can submit content. The company was founded in 2005 and is headquartered in San Francisco, CA. RDDT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, RDDT is assigned to the communication services sector and interactive </span><span style="font-family:Arial;font-size:8.645pt;">media &amp; services industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RDDT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide inverse exposure in the communication services sector and interactive media &amp; services </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RDDT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RDDT is consistent with the Fund’s investment objective. The impact of RDDT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RDDT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RDDT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Reddit, Inc. from the publicly available </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Reddit, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RDDT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Reddit, Inc. could affect the value of the Fund’s investments with respect to RDDT and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RDDT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RDDT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide inverse exposure in the communication services sector and interactive media &amp; services </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RDDT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of RDDT rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when RDDT’s daily return decreases. The Fund’s assets will decrease in value when RDDT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of RDDT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to RDDT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to RDDT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of RDDT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RDDT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RDDT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of RDDT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if RDDT provided no return over a one year period during which RDDT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RDDT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RDDT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of RDDT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of RDDT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RDDT’s annualized historical volatility rate for the period from March 20, 2024 (the offering date of RDDT) to December 31, 2025 was 91.37%. RDDT's highest volatility rate for any one full calendar year for the period from March 20, 2024 (the offering date of RDDT) through December 31, 2025 was 96.45% and volatility for a shorter period of time may have been substantially higher. RDDT’s annualized performance for the period from March 20, 2024 (the offering date of RDDT) to December 31, 2025 was 191.99%. Historical volatility and performance are not indications of what the volatility and performance of RDDT will be in the future. The volatility of instruments that reflect the value of RDDT, such as swaps, may differ from the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RDDT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to RDDT and therefore achieve its daily inverse investment objective. The Fund’s exposure to RDDT is impacted by RDDT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RDDT at the end of each day. The possibility of the Fund being materially over- or under-exposed to RDDT increases on days when RDDT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RDDT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with RDDT or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to RDDT, resulting in the Fund not performing as expected. The Fund may be subject to large movements </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RDDT. Any of these factors could decrease the inverse correlation between the performance of the Fund and RDDT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The communication </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Reddit, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RDDT and make no representation as to the performance of RDDT. Investing in the Fund is not equivalent to investing in RDDT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to RDDT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of RDDT. Significant short-term price movements in RDDT could adversely impact the performance of both RDDT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of RDDT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RDDT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the communication services sector and interactive media &amp; services industry (the risks of which are described below), the same industry and/or sector to which RDDT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact RDDT and/or communication services sector </span><span style="font-family:Arial;font-size:8.645pt;">and interactive media &amp; services industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to RDDT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RKLB Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of RKLB. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RKLB, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Rocket Lab USA, Inc. is an aerospace company, which engages in the development of rocket launch and control systems </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for the space and defense industries. The company was founded in 2006 and is headquartered in Long Beach, CA. RKLB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rocket Lab USA, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39560 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rocket Lab USA, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, RKLB is assigned to the industrials sector and aerospace &amp; defense </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RKLB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the industrials sector and </span><span style="font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RKLB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RKLB is consistent with the Fund’s investment objective. The impact of RKLB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RKLB has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RKLB has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Rocket Lab USA, Inc. from the publicly available documents described above. Neither the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Rocket Lab USA, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RKLB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Rocket Lab USA, Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">RKLB and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to RKLB, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RKLB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure in the industrials sector and </span><span style="font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short RKLB exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of RKLB rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when RKLB’s daily return decreases. The Fund’s assets will decrease in value when RKLB’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of RKLB approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to RKLB or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to RKLB, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of RKLB’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RKLB during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RKLB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of RKLB. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if RKLB provided no return over a one year period during which RKLB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RKLB’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RKLB’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of RKLB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of RKLB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RKLB’s annualized historical volatility rate for the five year period ended December 31, 2025 was 76.66%. RKLB’s highest volatility rate for any one calendar year during the five year period was 87.60% and volatility for a shorter period of time may have been substantially higher. RKLB’s annualized performance for the five-year period ended December 31, 2025 was 47.12%. Historical volatility and performance are not indications of what RKLB volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RKLB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to RKLB and therefore achieve its daily inverse investment objective. The Fund’s exposure to RKLB is impacted by RKLB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RKLB at the end of each day. The possibility of the Fund being materially over- or under-exposed to RKLB increases on days when RKLB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RKLB. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with RKLB or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to RKLB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RKLB. Any of these factors could decrease the inverse correlation between the performance of the Fund and RKLB and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Rocket Lab USA, Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RKLB and make no representation as to the performance of RKLB. Investing in the Fund is not equivalent to investing in RKLB. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RKLB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of RKLB. Significant short-term price movements in RKLB could adversely impact the performance of both RKLB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of RKLB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RKLB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and aerospace &amp; defense industry (the risks of which are described below), the same industry and/or sector to which RKLB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact RKLB </span><span style="font-family:Arial;font-size:8.645pt;">and/or industrials sector and aerospace &amp; defense industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Aerospace and Defense Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The aerospace </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and defense industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. The financial condition of companies in this industry is heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within </span><span style="font-family:Arial;font-size:8.645pt;">the industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to RKLB, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SBUX Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of SBUX. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SBUX, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Starbucks Corporation engages in the production, marketing, and retailing of specialty coffee. The company was founded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in 1985, and is headquartered in Seattle, WA. SBUX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, SBUX is assigned to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SBUX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SBUX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SBUX is consistent with the Fund’s investment objective. The impact of SBUX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SBUX has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SBUX has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Starbucks Corporation from the publicly available documents described above. Neither the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Starbucks Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBUX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Starbucks Corporation could affect the value of the Fund’s investments with respect </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">to SBUX and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SBUX, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SBUX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure in the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SBUX exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of SBUX rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when SBUX’s daily return decreases. The Fund’s assets will decrease in value when SBUX’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of SBUX approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to SBUX or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to SBUX, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of SBUX’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SBUX during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SBUX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of SBUX. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if SBUX provided no return over a one year period during which SBUX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SBUX’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SBUX’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of SBUX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of SBUX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SBUX’s annualized historical volatility rate for the five year period ended December 31, 2025 was 31.20%. SBUX’s highest volatility rate for any one calendar year during the five year period was 36.29% and volatility for a shorter period of time may have been substantially higher. SBUX’s annualized performance for the five-year period ended December 31, 2025 was -2.50%. Historical volatility and performance are not indications of what SBUX volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SBUX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to SBUX and therefore achieve its daily inverse investment objective. The Fund’s exposure to SBUX is impacted by SBUX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SBUX at the end of each day. The possibility of the Fund being materially over- or under-exposed to SBUX increases on days when SBUX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SBUX. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with SBUX or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to SBUX, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SBUX. Any of these factors could decrease the inverse correlation between the performance of the Fund and SBUX and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Starbucks Corporation is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SBUX and make no representation as to the performance of SBUX. Investing in the Fund is not equivalent to investing in SBUX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SBUX.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of SBUX. Significant short-term price movements in SBUX could adversely impact the performance of both SBUX and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of SBUX.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SBUX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which SBUX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact SBUX and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to SBUX, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SOFI Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of SOFI. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SOFI, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SoFi Technologies, Inc. is a financial service platform, which engages in the provision of student loan refinancing options </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the private student loan market. It offers home loans, personal loans, and credit cards. The company was founded in 2011 and is headquartered in San Francisco, California. SOFI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by SoFi Technologies, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39606 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding SoFi Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, SOFI is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SOFI that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SOFI exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SOFI. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SOFI is consistent with the Fund’s investment objective. The impact of SOFI’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SOFI has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SOFI has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding SoFi Technologies, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding SoFi Technologies, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SOFI have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning SoFi Technologies, Inc. could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to SOFI and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SOFI, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SOFI that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SOFI exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SOFI that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SOFI exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of SOFI rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when SOFI’s daily return decreases. The Fund’s assets will decrease in value when SOFI’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of SOFI approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to SOFI or limited liquidity related to the reference asset of the underlying short position, which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to SOFI, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of SOFI’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SOFI during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SOFI. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of SOFI. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if SOFI provided no return over a one year period during which SOFI experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SOFI’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SOFI’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of SOFI and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of SOFI. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SOFI’s annualized historical volatility rate for the period from May 31, 2021 (the offering date of SOFI) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">was </span><span style="font-family:Arial;font-size:8.645pt;">67.92%. SOFI's highest volatility rate for any one full </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">calendar year for the period from </span><span style="font-family:Arial;font-size:8.645pt;">May 31, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">date of SOFI) through </span><span style="font-family:Arial;font-size:8.645pt;">December 31, 2025 was 80.39% and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility for a shorter period of time may have been substantially higher. SOFI</span><span style="font-family:Arial;font-size:8.645pt;">’s annualized performance for the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period from May 31, 2021 (the offering date of SOFI) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 3.21%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what the volatility and performance of SOFI will be in the future. The volatility of instruments that reflect the value of SOFI, such as swaps, </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of SOFI.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SOFI that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to SOFI and therefore achieve its daily inverse investment objective. The Fund’s exposure to SOFI is impacted by SOFI’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SOFI at the end of each day. The possibility of the Fund being materially over- or under-exposed to SOFI increases on days when SOFI is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SOFI. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with SOFI</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">SOFI, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SOFI. Any of these factors could decrease the inverse correlation between the performance of the Fund and SOFI and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> SoFi Technologies, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SOFI and make no representation as to the performance of SOFI. Investing in the Fund is not equivalent to investing in SOFI. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to SOFI.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">SoFi Technologies, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, SoFi Technologies, Inc. shares face risks associated with: operating in a rapidly evolving industry with limited experience in some segments; historical losses which may also occur in the future; recent rapid growth has placed significant demands on business; ability to retain and attract members; potential for adverse events effecting the financial industry; reputational harm; loans are sold to a concentrated number of whole loan purchasers; reliance on third-parties; various financing arrangements may impact operations; counterparty risk; market and interest rate variability; prepayment of loans may negatively impact revenue; new business ventures may create added risks; demand for products may decline without adequate innovation; fraudulent activity; operating in a cyclical industry; originating loans on the internet has more risk than paper-based loan applications; student loans may be discharged; funding and liquidity concerns; as well as </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">regulatory, tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of SOFI. Significant short-term price movements in SOFI could adversely </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">impact the performance of both SOFI and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of SOFI.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SOFI, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which SOFI is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact SOFI and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to SOFI,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SONY Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of SONY. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SONY, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Sony Group Corporation engages in the development, design, manufacture, and sale of electronic equipment, instruments, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">devices, game consoles, and software for consumers, professionals and industrial markets. The company was founded in 1946 and is headquartered in Tokyo, Japan. SONY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Sony Group Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06439 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Sony Group Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, SONY is assigned to the consumer discretionary sector and household durables industry. SONY is a Japanese-based company and is traded as an American Depositary Receipt ("ADR") in the </span><span style="font-family:Arial;font-size:8.645pt;">United States. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SONY exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SONY. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SONY is consistent with the Fund’s investment objective. The impact of SONY’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SONY has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SONY has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="font-family:Arial;font-size:8.645pt;">agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Sony Group Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Sony Group Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SONY have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Sony Group Corporation could affect the value of the Fund’s investments with respect to SONY and therefore the value </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to SONY, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SONY exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the consumer </span><span style="font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short SONY exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of SONY rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when SONY’s daily return decreases. The Fund’s assets will decrease in value when SONY’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of SONY approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to SONY or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to SONY, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of SONY’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SONY during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SONY. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of SONY. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if SONY provided no return over a one year period during which SONY experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SONY’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SONY’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of SONY and those shaded green (or light gray) represent those scenarios where the Fund can be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to return more than -100% of the performance of SONY. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SONY’s annualized historical volatility rate for the five year period ended December 31, 2025 was 29.06%. SONY’s highest volatility rate for any one calendar year during the five year period was 33.26% and volatility for a shorter period of time may have been substantially higher. SONY’s annualized performance for the five-year period ended December 31, 2025 was 5.99%. Historical volatility and performance are not indications of what SONY volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SONY that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to SONY and therefore achieve its daily inverse investment objective. The Fund’s exposure to SONY is impacted by SONY’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SONY at the end of each day. The possibility of the Fund being materially over- or under-exposed to SONY increases on days when SONY is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SONY. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with SONY or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to SONY, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SONY. Any of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">these factors could decrease the inverse correlation between the performance of the Fund and SONY and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Sony Group Corporation is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SONY and make no representation as to the performance of SONY. Investing in the Fund is not equivalent to investing in SONY. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SONY.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of SONY. Significant short-term price movements in SONY could </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact the performance of both SONY and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of SONY.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SONY, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer discretionary sector and household durables industry (the risks of which are described below), the same industry and/or sector to which SONY is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact SONY and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and household durables industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Japanese Economy Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The growth of Japan’s economy </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">has lagged that of its Asian neighbors and other major developed countries. Since 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economy is characterized by government intervention and protectionism, an unstable financial services sector, changes in its labor market, and is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. Any changes or trends in these economic factors could have a significant impact on Japan’s economy overall and may negatively affect the Fund’s investment. Japan’s economy is also closely tied to its two largest trading partners, the U.S. and China. Economic volatility in either nation may create volatility in Japan’s economy as well. Additionally, Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and national </span><span style="font-family:Arial;font-size:8.645pt;">security concerns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to SONY, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TGT Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TGT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TGT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Target Corporation engages in the operation and ownership of general merchandise stores. It offers food and general </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">merchandise, clothing and household goods, electronics, and toys. The company was founded in 1902 and is headquartered in Minneapolis, MN. TGT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Target Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-6049 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Target Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, TGT is assigned to the consumer staples </span><span style="font-family:Arial;font-size:8.645pt;">sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TGT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TGT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TGT is consistent with the Fund’s investment objective. The impact of TGT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TGT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TGT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Target Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Target Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TGT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Target Corporation could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">TGT and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TGT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TGT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TGT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TGT rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TGT’s daily return decreases. The Fund’s assets will decrease in value when TGT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TGT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TGT or limited liquidity related to the reference asset of the underlying short position, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TGT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TGT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TGT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TGT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of TGT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TGT provided no return over a one year period during which TGT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TGT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TGT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TGT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TGT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TGT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 35.20%. TGT’s highest volatility rate for any one calendar year during the five year period was 48.35% and volatility for a shorter period of time may have been substantially higher. TGT’s annualized performance for the five-year period ended December 31, 2025 was -8.62%. Historical volatility and performance are not indications of what TGT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TGT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TGT and therefore achieve its daily inverse investment objective. The Fund’s exposure to TGT is impacted by TGT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TGT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TGT increases on days when TGT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TGT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with TGT or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to TGT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TGT. Any of these factors could decrease the inverse correlation between the performance of the Fund and TGT and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Target Corporation is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TGT and make no representation as to the performance of TGT. Investing in the Fund is not equivalent to investing in TGT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to TGT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of TGT. Significant short-term price movements in TGT could adversely impact the performance of both TGT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of TGT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TGT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or sector to which TGT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact TGT and/or consumer staples sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="font-family:Arial;font-size:8.645pt;">factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to TGT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TXN Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of TXN. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TXN, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Texas Instruments Incorporated engages in the design and manufacture of semiconductors. The company was founded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in 1930 and is headquartered in Dallas, TX. TXN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Texas Instrument Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-03761 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Texas Instrument Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, TXN is assigned to the information technology sector and </span><span style="font-family:Arial;font-size:8.645pt;">semiconductor industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TXN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TXN. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TXN is consistent with the Fund’s investment objective. The impact of TXN’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TXN has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TXN has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Texas Instruments Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Texas Instruments Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TXN have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Texas Instruments Incorporated could affect the value of the Fund’s investments with respect to TXN and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to TXN, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TXN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the information technology sector and semiconductor industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide inverse exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and semiconductor industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TXN that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short TXN exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of TXN rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when TXN’s daily return decreases. The Fund’s assets will decrease in value when TXN’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of TXN approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to TXN or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to TXN, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of TXN’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TXN during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TXN. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of TXN. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if TXN provided no return over a one year period during which TXN experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TXN’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TXN’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of TXN and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of TXN. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TXN’s annualized historical volatility rate for the five year period ended December 31, 2025 was 30.48%. TXN’s highest volatility rate for any one calendar year during the five year period was 40.17% and volatility for a shorter period of time may have been substantially higher. TXN’s annualized performance for the five-year period ended December 31, 2025 was 4.02%. Historical volatility and performance are not indications of what TXN volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TXN that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to TXN and therefore achieve its daily inverse investment objective. The Fund’s exposure to TXN is impacted by TXN’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TXN at the end of each day. The possibility of the Fund being materially over- or under-exposed to TXN increases on days when TXN is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TXN. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with TXN or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to TXN, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TXN. Any of these factors could decrease the inverse correlation between the performance of the Fund and TXN and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Texas Instruments Incorporated is </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TXN and make no representation as to the performance of TXN. Investing in the Fund is not equivalent to investing in TXN. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TXN.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of TXN. Significant short-term price movements in TXN could adversely impact the performance of both TXN and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of TXN.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TXN, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the information technology sector and semiconductor industry (the risks of which are described below), the same industry and/or sector to which TXN is assigned. Since the Fund is concentrated in a particular </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact TXN and/or information technology sector and semiconductor </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductor Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Semiconductor companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may face intense competition, both domestically and internationally, including from subsidized foreign competitors with lower production costs, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that can disrupt production or increase production costs. Semiconductor companies typically face high capital costs and such companies may need additional financing, which may be difficult to obtain. They also may be subject to risks relating to research and development costs and the availability and price of components. The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these </span><span style="font-family:Arial;font-size:8.645pt;">companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to TXN, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UAL Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of UAL. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">United Airlines Holdings, Inc. is a holding company, which engages in the provision of transportation services. It operates </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">through the following geographical segments: Domestic, Atlantic, Pacific, and Latin America. The company was founded in 1968 and is headquartered in Chicago, IL. UAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by United Airlines Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06033 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding United Airlines Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, UAL is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UAL is consistent with the Fund’s investment objective. The impact of UAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UAL has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UAL has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding United Airlines Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding United Airlines Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning United Airlines Holdings, Inc. could affect the value of the Fund’s investments with respect to UAL and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide inverse </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UAL exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of UAL rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when UAL’s daily return decreases. The Fund’s assets will decrease in value when UAL’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of UAL approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to UAL or limited liquidity related to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to UAL, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of UAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UAL during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of UAL. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if UAL provided no return over a one year period during which UAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UAL’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UAL’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of UAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of UAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UAL’s annualized historical volatility rate for the five year period ended December 31, 2025 was 48.04%. UAL’s highest volatility rate for any one calendar year during the five year period was 55.96% and volatility for a shorter period of time may have been substantially higher. UAL’s annualized performance for the five-year period ended December 31, 2025 was 20.91%. Historical volatility and performance are not indications of what UAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to UAL and therefore achieve its daily inverse investment objective. The Fund’s exposure to UAL is impacted by UAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to UAL increases on days when UAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UAL. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with UAL or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to UAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UAL. Any of these factors could decrease the inverse correlation between the performance of the Fund and UAL and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> United Airlines Holdings, Inc. is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UAL and make no representation as to the performance of UAL. Investing in the Fund is not equivalent to investing in UAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to UAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of UAL. Significant short-term price movements in UAL could adversely impact the performance of both UAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of UAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which UAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that adversely impact UAL and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to UAL, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UBER Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of UBER. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UBER, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Uber Technologies, Inc. is a technology platform, which engages in the development and operation of technology </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">applications, networks, and product to power movement from point A to point B. The firm offers ride services and merchants delivery service in 2009 and is headquartered in San Francisco, California. UBER is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Broadcom Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38902 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Uber Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, UBER is assigned to the industrials sector and transportation industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UBER exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and the transportation industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the industrials sector and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transportation industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UBER. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UBER is consistent with the Fund’s investment objective. The impact of UBER’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UBER has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UBER has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Uber Technologies Inc. from the publicly </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Uber Technologies Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UBER have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Uber Technologies Inc. could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to UBER and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UBER, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UBER exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the industrials sector and the transportation industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide inverse exposure in the industrials sector and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transportation industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UBER exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of UBER rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when UBER’s daily return decreases. The Fund’s assets will decrease in value when UBER’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of UBER approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to UBER or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to UBER, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of UBER’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UBER during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UBER. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of UBER. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if UBER provided no return over a one year period during which UBER experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UBER’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UBER’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of UBER and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of UBER. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UBER’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 46.22%. UBER’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">63.76% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UBER’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 9.88%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UBER volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UBER that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to UBER and therefore achieve its daily inverse investment objective. The Fund’s exposure to UBER is impacted by UBER’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UBER at the end of each day. The possibility of the Fund being materially over- or under-exposed to UBER increases on days when UBER is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UBER. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with UBER</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">UBER, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UBER. Any of these factors could decrease the inverse correlation between the performance of the Fund and UBER and may hinder </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s ability to meet its daily inverse investment objective </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Uber Technologies Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UBER and make no representation as to the performance of UBER. Investing in the Fund is not equivalent to investing in UBER. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to UBER.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Uber Technologies, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Uber Technologies, Inc. shares face risks associated with: classification of drivers; highly competitive industry; fares may need to be lowered in certain areas to remain competitive; significant losses have been incurred and may be in the future; inability to attract and retain drivers; maintaining and enhancing brand; platform users may engage in illegal activities; operation outside the United States is a large portion of business operations; significant fluctuations in operation results; inability to provide transportation to the airports in large metropolitan areas would adversely impact business; security or data breaches, cybersecurity attacks; inability to introduce new technologies; some users paying in cash increases regulatory concerns; allowing payment via credit card is instrumental to business operations; evolving nature of climate change, regulations and use of artificial intelligence; as well as regulatory, tax, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of UBER. Significant short-term price movements in UBER could adversely impact the performance of both UBER and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of UBER.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UBER, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the industrials sector and the transportation industry (the risks of which are described below), the same industry and/or sector to which UBER is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">one security and industry, it should be expected to increase from any market movements that adversely impact UBER </span><span style="font-family:Arial;font-size:8.645pt;">and/or industrials sector and the transportation industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Transportation Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Companies in the transportation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry may be adversely affected by changes in the economy, increases in fuel and operating costs, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation. Global or regional events and conditions may materially disrupt or indefinitely impair the operations, financial condition and liquidity of companies in the transportation industry. Securities of companies in the transportation industry are generally cyclical and occasionally subject to sharp price </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to UBER,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UNH Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of UNH. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UNH, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UnitedHealth Group Incorporated engages in the provision of health care coverage, software, and data consultancy </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services. The company was founded in 1977 and is headquartered in Eden Prairie, MN. UNH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by UnitedHealth Group Incorporated pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10864 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding UnitedHealth Group Incorporated may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, UNH is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the healthcare sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UNH exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">healthcare sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UNH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UNH is consistent with the Fund’s investment objective. The impact of UNH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UNH has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UNH has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding UnitedHealth Group Incorporated from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding UnitedHealth Group Incorporated is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UNH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning UnitedHealth Group Incorporated could affect the value of the Fund’s investments with respect to UNH and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to UNH, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UNH exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the healthcare sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">healthcare sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UNH that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short UNH exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of UNH rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when UNH’s daily return decreases. The Fund’s assets will decrease in value when UNH’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of UNH approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to UNH or limited liquidity related to the reference asset of the underlying short position, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to UNH, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of UNH’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UNH during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UNH. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of UNH. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if UNH provided no return over a one year period during which UNH experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UNH’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UNH’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of UNH and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of UNH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UNH’s annualized historical volatility rate for the five year period ended December 31, 2025 was 29.69%. UNH’s highest volatility rate for any one calendar year during the five year period was 49.69% and volatility for a shorter period of time may have been substantially higher. UNH’s annualized performance for the five-year period ended December 31, 2025 was 0.43%. Historical volatility and performance are not indications of what UNH volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UNH that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to UNH and therefore achieve its daily inverse investment objective. The Fund’s exposure to UNH is impacted by UNH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UNH at the end of each day. The possibility of the Fund being materially over- or under-exposed to UNH increases on days when UNH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UNH. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with UNH or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to UNH, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UNH. Any of these factors could decrease the inverse correlation between the performance of the Fund and UNH and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> UnitedHealth Group Incorporated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UNH and make no representation as to the performance of UNH. Investing in the Fund is not equivalent to investing in UNH. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to UNH.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of UNH. Significant short-term price movements in UNH could adversely impact the performance of both UNH and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of UNH.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UNH, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the healthcare sector (the risks of which are described below), the same industry and/or sector to which UNH is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact UNH and/or healthcare sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Healthcare Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The profitability of companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product </span><span style="font-family:Arial;font-size:8.645pt;">will come to market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to UNH, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily V Bear 1X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of V. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve its </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to V, consistent with the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;">investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Visa Inc. is a financial services company in business since 1958. Visa Inc. is focused on facilitating global commerce </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies. V is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Visa Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33977 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Visa Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, V is assigned to the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short V exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of V. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to V is consistent with the Fund’s investment objective. The impact of V’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of V has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of V has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Visa Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Visa Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of V have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Visa Inc. could affect the value of the Fund’s investments with respect to V and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to V, consistent with the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short V exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short V exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of V rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when V’s daily return decreases. The Fund’s assets will decrease in value when V’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of V approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to V or limited liquidity related to the reference asset of the underlying short position, which will </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to V, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative </span><span style="font-family:Arial;font-size:8.645pt;">instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of V’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of V during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of V. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a </span><span style="font-family:Arial;font-size:8.645pt;">trading day to vary from -100% of the performance of V. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if V provided no return over a one year period during which V experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if V’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">if V’s annualized volatility is 100%, the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return less than -100% of the performance of V and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of V. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation </span><span style="font-family:Arial;font-size:8.645pt;">Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">V’s annualized historical volatility rate for the five year period ended December 31, 2025 was 22.68%. V’s highest volatility rate for any one calendar year during the five year period was 30.82% and volatility for a shorter period of time may have been substantially higher. V’s annualized performance for the five-year period ended December 31, 2025 was 10.70%. Historical volatility and performance are not indications of </span><span style="font-family:Arial;font-size:8.645pt;">what V volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to V that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to V and therefore achieve its daily inverse investment objective. The Fund’s exposure to V is impacted by V’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to V at the end of each day. The possibility of the Fund being materially over- or under-exposed to V increases on days when V is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) V. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with V or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to V, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to V. Any of these factors could decrease the inverse correlation between the performance of the Fund and V and may hinder the Fund’s ability to meet its daily inverse investment objective on or </span><span style="font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Visa Inc. is not affiliated with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of V and make no representation as to the performance of V. Investing in the Fund is not equivalent to investing in V. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to </span><span style="font-family:Arial;font-size:8.645pt;">V.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of V. Significant short-term price movements in V could adversely impact the performance of both V and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of V.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, V, and therefore, a particular industry and will have more than 25% of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which V is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact V and/or financials sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to V, change its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective, reduce its exposure for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily WMT Bear 1X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of WMT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to WMT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Walmart Inc. engages in the retail and wholesale business. The company was founded in 1962 and is headquartered </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in Bentonville, AR. WMT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06991 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, WMT is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the consumer staples sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short WMT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of WMT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to WMT is consistent with the Fund’s investment objective. The impact of WMT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of WMT has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of WMT has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Walmart Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">available information regarding Walmart Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of WMT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Walmart Inc. could affect the value of the Fund’s investments with respect to WMT </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to WMT, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short WMT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the consumer staples sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short WMT exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of WMT rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when WMT’s daily return decreases. The Fund’s assets will decrease in value when WMT’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of WMT approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short </span><span style="font-family:Arial;font-size:8.645pt;">positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to WMT or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to WMT, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of WMT’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of WMT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of WMT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of WMT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if WMT provided no return over a one year period during which WMT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if WMT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if WMT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of WMT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of WMT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">WMT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 20.89%. WMT’s highest volatility rate for any one calendar year during the five year period was 27.09% and volatility for a shorter period of time may have been substantially higher. WMT’s annualized performance for the five-year period ended December 31, 2025 was 19.92%. Historical volatility and performance are not indications of what WMT volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to WMT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to WMT and therefore achieve its daily inverse investment objective. The Fund’s exposure to WMT is impacted by WMT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to WMT at the end of each day. The possibility of the Fund being materially over- or under-exposed to WMT increases on days when WMT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) WMT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired inverse correlation with WMT or increase </span><span style="font-family:Arial;font-size:8.645pt;">its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to WMT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to WMT. Any of these factors could decrease the inverse correlation between the performance of the Fund and WMT and may hinder the Fund’s ability to meet its daily inverse investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Walmart Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of WMT and make no representation as to the performance of WMT. Investing in the Fund is not equivalent to investing in WMT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to WMT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of WMT. Significant short-term price movements in WMT could adversely impact the performance of both WMT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of WMT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, WMT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which WMT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact WMT and/or consumer staples sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="font-family:Arial;font-size:8.645pt;">factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to WMT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily XYZ Bear 1X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 100% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of XYZ. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to XYZ, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Block, Inc. engages in creating ecosystems for distinct customer audiences. It operates through the Square and Cash App </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">segments. The Square segment provides businesses the ability to accept card payments. The Cash App segment offers an ecosystem of financial products and services to help consumers manage their money. The company was founded in February 2009 and is headquartered in Oakland, California. XYZ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Block, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37622 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Block, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, XYZ is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short XYZ exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of XYZ. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to XYZ is consistent with the Fund’s investment objective. The impact of XYZ’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of XYZ has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of XYZ has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;">government securities and repurchase agreements. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Block, Inc. from the publicly available </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Block, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of XYZ have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Block, Inc. could affect the value of the Fund’s investments with respect to XYZ and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -100% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in financial instruments, including swap agreements and options, that, in combination, provide 1X daily inverse (opposite) or short exposure to XYZ, consistent with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short XYZ exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of its investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide inverse exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to -100% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain short XYZ exposure for the Fund equal to -100% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of XYZ rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a traditional </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">index fund. The Fund’s assets will increase in value when XYZ’s daily return decreases. The Fund’s assets will decrease in value when XYZ’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of XYZ approaches a 100% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">reduced correlation to XYZ or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to XYZ, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -100% of XYZ’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of XYZ during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of XYZ. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -100% of the performance of XYZ. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.04% if XYZ provided no return over a one year period during which XYZ experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if XYZ’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if XYZ’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.23% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -100% of the performance of XYZ and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -100% of the performance of XYZ. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">One Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">148.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">134.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">95.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">43.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.83%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87.77%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.26%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-24.77%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">66.08%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56.57%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">30.21%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-4.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-37.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.43%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">34.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.56%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-17.98%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-46.76%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">24.67%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">17.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-2.47%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-28.38%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-53.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.83%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.44%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-13.28%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-36.52%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-58.79%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-0.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.04%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-22.08%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-42.90%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-63.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-9.32%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-14.64%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-29.23%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-48.27%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-66.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-16.89%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-21.75%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-35.24%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-52.72%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-69.67%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.29%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.84%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-40.25%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-56.41%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;">-71.94%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-28.78%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-44.63%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-59.81%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-74.32%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-33.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.52%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-48.57%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-62.60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-76.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.72%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-51.96%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-65.19%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">-78.12%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">XYZ’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 60.36%. XYZ’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 88.59% and volatility for a shorter period of time may have been substantially higher. XYZ’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (21.44)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what XYZ volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily inverse investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to XYZ that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund will achieve a high degree of inverse correlation to XYZ and therefore achieve its daily inverse investment objective. The Fund’s exposure to XYZ is impacted by XYZ’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to XYZ at the end of each day. The possibility of the Fund being materially over- or under-exposed to XYZ increases on days when XYZ is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) XYZ. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired inverse correlation with XYZ</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">XYZ, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to XYZ. Any of these factors could decrease the inverse correlation between the performance of the Fund and XYZ and may hinder the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ability to meet its daily inverse investment objective on or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Block, Inc. is not affiliated with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of XYZ and make no representation as to the performance of XYZ. Investing in the Fund is not equivalent to investing in XYZ. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">respect to XYZ.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Block, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Block, Inc. shares face risks associated with: slowing of growth rates; generation of significant net losses; maintenance of brand and reputation; attempts to expand may not succeed; long term success relies on development of new products; intense competition; developments in cryptocurrencies subject the business to additional risks; integration of Afterpay; risks of TIDAL and the music industry; risks of the banking ecosystem; required capital may not be available; data breaches and cybersecurity attacks; software errors; system failures; reliance on payment card networks; reliance on third-party systems; ability to retain and attract key personnel; limited number of available suppliers; as well </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">as regulatory, tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the inverse performance of XYZ. Significant short-term price movements in XYZ could adversely impact the performance of both XYZ and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of XYZ.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, XYZ, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide inverse exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which XYZ is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to increase from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact XYZ and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to XYZ,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Communication Services Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Communication Services (Sector) Index, which includes U.S.-listed companies in the communication services industry as classified by Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">top five securities of the S&amp;P 500 Communication Services (Sector) Index, based on each security’s floating market capitalization The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Communication Services Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Communication Services (Sector) Index, which includes U.S.-listed companies in the communication services industry as classified by Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Communication Services (Sector) Index, based on each security’s floating market capitalization The Index is equal weighted, meaning that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at each rebalancing of the Index, the same exposure is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Consumer Staples Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Consumer Staples (Sector) Index, which includes U.S.-listed companies in the consumer staples sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Consumer Staples (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the Index, the same exposure is provided to each security included in the Index. The Index is rebalanced quarterly </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Consumer Staples Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Consumer Staples (Sector) Index, which includes U.S.-listed companies in the consumer staples sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Consumer Staples (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the Index, the same exposure is provided to each security included in the Index. The Index is rebalanced quarterly </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Gold Miners Top 5 Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;">exchange-traded funds ("ETFs") </span> <br/><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce </span><span style="font-family:Arial;font-size:8.645pt;">economically leveraged investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund obtain exposure to the Index </span><span style="font-family:Arial;font-size:8.645pt;">to achieve its leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total </span><span style="font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="font-family:Arial;font-size:8.645pt;">is so concentrated.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="font-family:Arial;font-size:8.645pt;">period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. The volatility of exchange traded securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index such as swaps, </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if the Index’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF tracking the Index may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="font-family:Arial;font-size:8.645pt;">losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, </span><span style="font-family:Arial;font-size:8.645pt;">or widened bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="font-family:Arial;font-size:8.645pt;">performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Gold and Silver Mining Company Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">concentrated in the gold mining industry and may have significant exposure to assets in the silver mining industry. Therefore the Fund will be sensitive to changes in the overall condition of gold- and silver-related companies. Competitive pressures may have a significant effect on the financial condition of gold- and silver-related companies. Also, gold- and silver-related companies are highly dependent on the price of gold and silver bullion, respectively, and may be adversely affected by a variety of worldwide economic, financial and political factors. These prices may fluctuate substantially over short periods of time, which may cause the value of the gold- and silver-related companies to be more volatile than the general market. Fluctuations in the price of gold or silver may be due to a number of factors, including changes in inflation, currency exchange rates and industrial and commercial demand (including fabricator demand). Increased environmental or labor costs may depress the value of metal investments. If a natural disaster or other event with a significant economic impact occurs in a region in which a gold or silver mining company operates, such disaster or event could negatively impact the profitability of such companies and, in turn, impact the Fund’s return. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies that are only in the exploration state are typically unable to adopt specific strategies of controlling the impact of the price of gold or silver on their companies. The exploration and development of mineral deposits involve significant financial risks over a significant period of time, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling and to construct mining and processing facilities at a site. In addition, many early-stage miners operate at a loss and are dependent on securing equity and/or debt financing, which might be more difficult to secure for an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">early-stage mining company than for a more established </span><span style="font-family:Arial;font-size:8.645pt;">company.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant environmental remediation costs in complying with </span><span style="font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Mining and Metal Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Mining and metal companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be significantly affected by international political and economic developments, energy conservation, the success of exploration projects, commodity prices, taxes and government regulations. Investments in mining and metal industry companies may be speculative and subject to greater price volatility than investments in other types of companies. Increased environmental or labor costs may depress the value of mining and metal investments. In addition, changes in international monetary policies or economic and political conditions can affect the supply of gold and precious metals, and consequently the value of mining and metal company investments. Further, the principal suppliers of metal industries may be concentrated in a small number of countries and </span><span style="font-family:Arial;font-size:8.645pt;">regions.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="font-family:Arial;font-size:8.645pt;">value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Healthcare Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Health Care (Sector) Index, which includes U.S.-listed companies in the healthcare sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Health Care (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure is provided to each security included in the Index. The Index is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Healthcare Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The profitability of companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Healthcare Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Health Care (Sector) Index, which includes U.S.-listed companies in the healthcare sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Health Care (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure is provided to each security included in the Index. The Index is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Healthcare Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The profitability of companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the healthcare sector may be affected by extensive, costly and uncertain government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), changes in the demand for medical products and services, an increased emphasis on outpatient services, limited product lines, industry innovation and/or consolidation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on obtaining and defending patents, which may be time consuming and costly. The expiration of patents </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may adversely affect the profitability of these companies. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Industrials Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Industrials (Sector) Index, which includes U.S.-listed companies in the industrials sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Industrials (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and therefore investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">impacted by climate transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Industrials Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Industrials (Sector) Index, which includes U.S.-listed companies in the industrials sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Industrials (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and therefore investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">impacted by climate transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Materials Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Materials (Sector) Index, which includes U.S.-listed companies in the materials sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Materials (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant environmental remediation costs in complying with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Materials Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Materials (Sector) Index, which includes U.S.-listed companies in the materials sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Materials (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies in the materials sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">could be adversely affected by commodity price volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition, depletion of resources, technical advances, labor relations, decreases in demand, litigation and government regulations, among other factors. The production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Companies in the materials sector also are at risk for environmental damage and product liability claims and may incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">environmental remediation costs in complying with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">environmental laws.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Real Estate Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Real Estate (Sector) Index, which includes U.S.-listed companies in the real estate sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Real Estate (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Investing in securities of real estate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as natural disasters and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate sector. Although interest rates have significantly increased since 2022, the prices of real estate related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. A correction or severe downturn in real estate-related asset prices in the future could adversely impact the value of securities of real estate companies. Additionally, the recent trend towards remote working environments has decreased, in the longer term the institutionalization of remote work has the potential to negatively impact commercial real estate occupancy rates </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the real estate sector as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Real Estate Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Real Estate (Sector) Index, which includes U.S.-listed companies in the real estate sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Real Estate (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Investing in securities of real estate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as natural disasters and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate sector. Although interest rates have significantly increased since 2022, the prices of real estate related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. A correction or severe downturn in real estate-related asset prices in the future could adversely impact the value of securities of real estate companies. Additionally, the recent trend towards remote working environments has decreased, in the longer term the institutionalization of remote work has the potential to negatively impact commercial real estate occupancy rates </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the real estate sector as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Utilities Top 5 Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Utilities (Sector) Index, which includes U.S.-listed companies in the utilities sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Utilities (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, </span><span style="font-family:Arial;font-size:8.645pt;">securities of the Index, and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund </span><span style="font-family:Arial;font-size:8.645pt;">obtain exposure to the Index to achieve its leveraged investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the Fund is expected to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold </span><span style="font-family:Arial;font-size:8.645pt;">money market funds, deposit accounts with institutions </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">representing up to one-third of the value of the Fund’s total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange traded </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to the end of the day. A total loss of a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shareholder’s investment in the Fund may occur in a single day even if the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade more frequently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide leveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to decrease from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Utilities Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Utility companies are affected by supply </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors, rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utilities are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may negatively impact profitability. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Utility companies may be adversely affected by increases in fuel and other operating costs, high costs of borrowing to finance capital construction during inflationary periods, restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations, and difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Additionally, these companies may be subject to risks related to the construction and operation of nuclear power plants, the effects of energy conservation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the effects of regulatory changes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Utilities Top 5 Bear 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index consists of the top five securities in the S&amp;P 500 Utilities (Sector) Index, which includes U.S.-listed companies in the utilities sector as classified by the Global Industry Classification Standards (GICS). S&amp;P Dow Jones Indices (the “Index Provider”) selects the top five securities of the S&amp;P 500 Utilities (Sector) Index based on each security’s floating market capitalization. The Index is equal weighted, meaning that at each rebalancing of the Index, the same exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is provided to each security included in the Index. The Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">is rebalanced quarterly and reconstituted annually. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index has not yet commenced operations as of the date </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">approximately the same extent as the Index is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index.</span><span style="font-family:Arial;font-size:8.645pt;"> In </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse </span><span style="font-family:Arial;font-size:8.645pt;">Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index had not commenced operations or only recently commenced operations as of the date of this Prospectus and therefore historical Index volatility and performance are not yet available. In the future, historical Index volatility and performance will be presented in this section. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or </span><span style="font-family:Arial;font-size:8.645pt;">financial instruments utilized by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund</span><span style="font-family:Arial;font-size:8.645pt;">, such as swaps, may differ from the volatility of the Index.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Index</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect of magnifying any differences in the Fund’s</span><span style="font-family:Arial;font-size:8.645pt;"> inverse </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF </span><span style="font-family:Arial;font-size:8.645pt;">tracking the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may </span><span style="font-family:Arial;font-size:8.645pt;">be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market may </span><span style="font-family:Arial;font-size:8.645pt;">experience significant premiums or discounts, or widened bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may be required to trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more frequently or may refrain from taking certain positions to ensure compliance with</span><span style="font-family:Arial;font-size:8.645pt;"> regulatory restrictions or to ensure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">qualification as a registered investment company</span><span style="font-family:Arial;font-size:8.645pt;"> or to improve tax efficiency, or for other reasons, each of which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or </span><span style="font-family:Arial;font-size:8.645pt;">the Fund's Adviser, maintains and exercises </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular sector or industry and will have more than 25% of its total assets in investments that provide inverseleveraged exposure to that sector or industry. Since the Fund is concentrated in a particular sector or industry, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in one sector or industry, it should be expected to increase from any market </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements that adversely impact that sector or industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Utilities Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Utility companies are affected by supply </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors, rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utilities are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete which </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may negatively impact profitability. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Utility companies may be adversely affected by increases in fuel and other operating costs, high costs of borrowing to finance capital construction during inflationary periods, restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations, and difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Additionally, these companies may be subject to risks related to the construction and operation of nuclear power plants, the effects of energy conservation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the effects of regulatory changes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses</span><span style="font-family:Arial;font-size:8.645pt;"> or reduced gains. Additionally, an </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Next Gen Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. </span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index is designed by Solactive AG (the "Index Provider") to represent the securities of the next generation of U.S. companies that utilize quantum technology to improve the provision of their products and/or services. Quantum technology is a class of technology that use the principles of quantum mechanics (the physics of sub-atomic particles) to make advances in computing and other processes. The Index is a rules-based index and includes U.S.-listed securities </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of companies in the following quantum technology segments </span><span style="font-family:Arial;font-size:8.645pt;">(each, a “Quantum Technology Segment”): </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Computing Infrastructure and Hardware: This segment encompasses companies that develop and provide the essential physical components, systems, and comprehensive environments necessary for quantum computing, including both hardware and infrastructure services. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Machine Learning: This segment focuses on companies that integrate artificial intelligence and machine learning with quantum computing to enhance problem-solving and algorithm efficiency. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Software and Applications: Within this segment, companies are dedicated to create software tools and applications to operate quantum computers and utilize their computational power for various specialized tasks. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Cryptography: This segment addresses companies that develop quantum-based security mechanisms and engage in advanced research and development to push the boundaries of quantum technologies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To be selected for inclusion in the Index, a security must have a free float market capitalization of at least $100 million (or at least $90 billion for current constituents) and a minimum average daily traded value of at least $1 million over 1 month and over 6 months (or at least $900,000 for current </span><span style="font-family:Arial;font-size:8.645pt;">constituents). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To identify companies that use quantum technology, the Index Provider uses ARTIS</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;">, its proprietary natural language </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">processing algorithm, to identify into which Quantum Technology Segment(s) a company falls. ARTIS uses keywords to review large volumes of publicly available data, such as company annual reports, published business descriptions, and financial news reports, which the Index Provider believes will identify and classify companies as quantum technology companies, and then ranks the companies based on the number of keyword “hits” in the company’s data. The ARTIS classification system is different than traditional classification systems because it utilizes natural language processing, such as keyword searching, whereas traditional classifications system utilize backward looking metrics, such as a company’s past profits or revenue, to determine the classification of </span><span style="font-family:Arial;font-size:8.645pt;">a company. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ARTIS produces a score for each company that reflects the company's exposure to quantum technology and considers each Quantum Technology Segment to which a company belongs. Each company is then ranked by its score, and the top 20 companies are selected for inclusion in the Index. </span><span style="font-family:Arial;font-size:8.645pt;">The Index is rebalanced semi-annually. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As of January 30, 2026, the Index included 20 constituents and were concentrated in the information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">with exposure to quantum technology.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in the stocks of a particular industry or group </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of industries) to approximately the same extent as the Index </span><span style="font-family:Arial;font-size:8.645pt;">is so concentrated.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments, securities of the Index, and exchange-traded funds ("ETFs") that track the Index, that, in combination, provide 2X daily leveraged exposure to the Index, consistent with the Fund's investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, and derivatives, such as swaps or futures on the Index or on an ETF that tracks the same Index or a substantially similar </span><span style="font-family:Arial;font-size:8.645pt;">index, that provide leveraged exposure to the above. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times, consistent with its stated investment objective, but may not always have investment exposure to all of the securities in the Index, or its weighting of investment exposure to securities or industries may be different from that of the Index. In addition, the Fund may invest directly or indirectly in securities not included in the Index. In all cases, the investments would be designed to help the Fund obtain exposure to the Index </span><span style="font-family:Arial;font-size:8.645pt;">to achieve its leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This re-positioning strategy </span><span style="font-family:Arial;font-size:8.645pt;">typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., investment grade or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">higher), and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total </span><span style="font-family:Arial;font-size:8.645pt;">assets (excluding the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s holding </span><span style="font-family:Arial;font-size:8.645pt;">period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the </span><span style="font-family:Arial;font-size:8.645pt;">Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than 200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. The volatility of exchange traded securities or instruments that reflect the value of the Index </span><span style="font-family:Arial;font-size:8.645pt;">may differ from the volatility of the Index.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five year period ended December 31, 2025 was 33.56%. The Index’s highest volatility rate for any one calendar year during the five year period was 49.37% and volatility for a shorter period of time may have been substantially higher. The Index’s annualized performance for the five-year period ended December 31, 2025 was 26.47%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index, </span><span style="font-family:Arial;font-size:8.645pt;">such as swaps, may differ from the volatility of the Index.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Index, not including the costs of financing leverage and other operating expenses, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if the Index’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF tracking the Index may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="font-family:Arial;font-size:8.645pt;">losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, </span><span style="font-family:Arial;font-size:8.645pt;">or widened bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Index Correlation Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affect the Fund’s ability to achieve a high degree of correlation with the Index and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the close of the </span><span style="font-family:Arial;font-size:8.645pt;">trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily leveraged investment objective. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s leveraged correlation to </span><span style="font-family:Arial;font-size:8.645pt;">the Index or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="font-family:Arial;font-size:8.645pt;">performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Quantum Computing and Machine Learning Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Companies across a wide variety of industries, primarily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the information technology sector, are exploring the possible applications of quantum computing and machine learning technologies. Consequently, the Fund’s holdings may include equity securities of operating companies in a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">wide variety of industries, and the economic fortunes of such companies may not be significantly tied to such technologies. Indeed, there currently are few public companies for which quantum computing and machine learning technologies represent a significant revenue or profit stream, and such technologies may never have a material effect on their economic returns. In addition, such companies tend to be significantly impacted by rapid technological advancements, product obsolescence, intense competition and government regulation. They are also heavily dependent on patent and intellectual property rights and their success in obtaining or protecting a patent may materially affect </span><span style="font-family:Arial;font-size:8.645pt;">such company’s profitability.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Natural Language Processing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The natural language </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">processing classification system utilized by the Index Provider is different than traditional classification systems because it utilizes automated natural language processing, such as key word searching, rather than backward looking metrics, such as a company’s past profits or revenue, to determine the classification of a company. The Index Provider’s use of natural language processing may result in the Index including companies that may not be classified as companies in the Fund’s respective category by other classification </span><span style="font-family:Arial;font-size:8.645pt;">systems.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Innovative Technologies Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Technologies perceived </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to displace older technologies or create new markets may not in fact do so. Companies that initially develop an innovative technology may not be able to capitalize on the technology. Companies that develop innovative technologies may face political or legal attacks from competitors, industry groups, or local and national governments. The Fund may invest in a company that does not currently derive any revenue from innovative technologies, and there is no assurance that a company will derive any revenue from innovative technologies in the future. An innovative technology may constitute a small portion of a company’s overall business. As a result, the success of an innovative technology may not affect the value of the equity securities issued by the </span><span style="font-family:Arial;font-size:8.645pt;">company.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="font-family:Arial;font-size:8.645pt;">value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Next Gen Bear 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">inverse (or opposite)</span><span style="font-family:Arial;font-size:8.645pt;"> of the daily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance of the Index. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund does not seek to achieve </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">its stated investment objective for a period of time different </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index is designed by Solactive AG (the "Index Provider") to represent the securities of the next generation of U.S. companies that utilize quantum technology to improve the provision of their products and/or services. Quantum technology is a class of technology that use the principles of quantum mechanics (the physics of sub-atomic particles) to make advances in computing and other processes. The Index is a rules-based index and includes U.S.-listed securities </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of companies in the following quantum technology segments </span><span style="font-family:Arial;font-size:8.645pt;">(each, a “Quantum Technology Segment”): </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Computing Infrastructure and Hardware: This segment encompasses companies that develop and provide the essential physical components, systems, and comprehensive environments necessary for quantum computing, including both hardware and infrastructure services. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Machine Learning: This segment focuses on companies that integrate artificial intelligence and machine learning with quantum computing to enhance problem-solving and algorithm efficiency. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum Software and Applications: Within this segment, companies are dedicated to create software tools and applications to operate quantum computers and utilize their computational power for various specialized tasks. </span><span style="font-family:Arial;font-size:8.645pt;">●</span><span style="font-family:Arial;font-size:8.645pt;">Quantum AI and Cryptography: This segment addresses companies that develop quantum-based security mechanisms and engage in advanced research and development to push the boundaries of quantum technologies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To be selected for inclusion in the Index, a security must have a free float market capitalization of at least $100 million (or at least $90 billion for current constituents) and a minimum average daily traded value of at least $1 million over 1 month and over 6 months (or at least $900,000 for current </span><span style="font-family:Arial;font-size:8.645pt;">constituents). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To identify companies that use quantum technology, the Index Provider uses ARTIS</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;">, its proprietary natural language </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">processing algorithm, to identify into which Quantum Technology Segment(s) a company falls. ARTIS uses keywords to review large volumes of publicly available data, such as company annual reports, published business descriptions, and financial news reports, which the Index Provider believes will identify and classify companies as quantum technology companies, and then ranks the companies based on the number of keyword “hits” in the company’s data. The ARTIS classification system is different than traditional classification systems because it utilizes natural language processing, such as keyword searching, whereas traditional classifications system utilize backward looking metrics, such as a company’s past profits or revenue, to determine the classification of </span><span style="font-family:Arial;font-size:8.645pt;">a company. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ARTIS produces a score for each company that reflects the company's exposure to quantum technology and considers each Quantum Technology Segment to which a company belongs. Each company is then ranked by its score, and the top 20 companies are selected for inclusion in the Index. </span><span style="font-family:Arial;font-size:8.645pt;">The Index is rebalanced semi-annually. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As of January 30, 2026, the Index included 20 constituents and were concentrated in the information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">with exposure to quantum technology.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of the Fund’s net assets (plus borrowing for investment purposes) in financial instruments, including swap agreements, futures contracts, or short positions, that, in combination, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">provide 2X daily inverse (opposite) or short exposure to the Index or to exchange-traded funds ("ETFs") that track the Index, consistent with the Fund’s investment objective. The financial instruments in which the Fund most commonly invests are swap agreements and futures agreements which are intended to produce economically inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may also gain inverse leveraged exposure by investing in a combination of financial instruments, such as swap agreements or futures agreements that provide short exposure to the Index, to a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index or to an ETF that tracks the same Index or a substantially similar index, or the Fund may short securities of the Index, or short an ETF that tracks the same Index or a substantially similar index. The Fund invests in derivatives as a substitute for directly shorting securities in order to gain inverse leveraged exposure to the Index or its components. When the Fund shorts securities, including the securities of another investment company, it borrows shares of that security or investment company, which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">. investment grade or higher), and/or short-term </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including </span><span style="font-family:Arial;font-size:8.645pt;">U.S. government securities and repurchase agreements. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks to remain fully invested at all times consistent with its stated inverse leveraged investment objective, but may not always have inverse exposure to all of the securities in the Index, or its weighting of inverse exposure to securities or industries may be different from that of the Index. In addition, the Fund may have inverse exposure to securities, ETFs or financial instruments not included in the Index. In all cases, the investments would be designed to help the Fund track the Index as it seeks to achieve its inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the securities in the Index. At the close of the markets each trading day, Rafferty rebalances the Fund’s portfolio so that its exposure to the Index is consistent with the Fund’s inverse leveraged investment objective. For example, if the Index has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the Index has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced and that a shareholder should lose money, a result </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that is the opposite of traditional index tracking ETFs. This re-positioning strategy may result in high portfolio turnover. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;">to the close of the markets on the next trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund is “non-diversified,” meaning that a relatively high percentage of its assets may be invested in a limited number of issuers of securities. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed </span><span style="font-family:Arial;font-size:8.645pt;">by the Fund’s Board of Trustees without shareholder approval.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Index’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index’s performance decreases over a period longer </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:8.645pt;">, hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide inverse leveraged exposure to a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. </span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its inverse leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Shorting or Inverse Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– The Fund will lose money when </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of the Index rises because of the Fund’s inverse or short exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– this result is the opposite from a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traditional index fund. The Fund’s assets will increase in value when the Index’s daily return decreases. The Fund’s assets will decrease in value when the Index’s daily return increases. Because historically most assets have risen in value over the long term, short exposure or positions and therefore, the value of the Fund is expected to depreciate in value over time, notwithstanding any separate effects of compounding and the Fund’s daily repositioning of inverse exposure. Additionally, if the level of the Index approaches a 50% increase at any point in the day, an investor could lose their entire investment. Accordingly, short positions and exposure may be riskier and more speculative than traditional investments. The costs of obtaining short exposure or maintaining short positions will lower the Fund’s returns. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility, reduced correlation to the Index or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">alternative investment strategies that may have less correlation to the Index, less liquidity or are more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure </span><span style="font-family:Arial;font-size:8.645pt;">from a derivative instrument.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from -200% of the Index’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Index during the shareholder’s </span><span style="font-family:Arial;font-size:8.645pt;">holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Index volatility; b) Index performance; c) period of time; d) financing rates associated with inverse leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of the Index. The chart below provides examples of how Index volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of Index volatility and Index performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securitiesincluded in the Index; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher Index volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="font-family:Arial;font-size:8.645pt;">-200% of the performance of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 17.1% if the Index provided no return over a one year period during which the Index experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Index’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if the Index’s annualized </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Index return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) represent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">those scenarios where the Fund can be expected to return less than -200% of the performance of the Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Index. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below. The volatility of exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">traded securities or instruments that reflect the value of </span><span style="font-family:Arial;font-size:8.645pt;">the Index may differ from the volatility of the Index.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Index</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">506.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">418.1%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">195.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">15.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-68.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">288.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">231.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">88.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">169.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">130.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">31.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-48.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">98.1%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">69.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">51.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">29.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-26.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-71.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-41.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-77.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-93.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-52.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-95.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-32.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-96.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-42.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-89.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-57.7%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-56.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-91.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-97.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-62.1%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-67.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-81.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-92.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-98.1%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five year period ended December 31, 2025 was 33.56%. The Index’s highest volatility rate for any one calendar year during the five year period was 49.37% and volatility for a shorter period of time may have been substantially higher. The Index’s annualized performance for the five-year period ended December 31, 2025 was 26.47%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. The volatility of ETFs or instruments that reflect the value of the Index, </span><span style="font-family:Arial;font-size:8.645pt;">such as swaps, may differ from the volatility of the Index.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and Index performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a rise in the daily performance of the Index resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily rise in the Index, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index rise of more than 50% of the Index. This would result in a total loss of a shareholder’s investment in one day even if the Index subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if the Index’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s inverse correlation with the Index and may increase the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. A swap on an ETF tracking the Index may not closely track the performance of the Index due to costs associated with trading ETFs, such as an ETF’s premium or discount which is the difference between its market price and its net asset value. If the Index has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the Index reverses all or a portion of its </span><span style="font-family:Arial;font-size:8.645pt;">intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not be able to meet its daily inverse leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the </span><span style="font-family:Arial;font-size:8.645pt;">reference asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to the Index that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing exchanges where Shares are listed and incur significant </span><span style="font-family:Arial;font-size:8.645pt;">losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities of the Index experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, </span><span style="font-family:Arial;font-size:8.645pt;">or widened bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Inverse Index Correlation Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> A number of factors </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index and therefore achieve its daily inverse leveraged investment objective. The Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to the Index is impacted by the Index’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Index at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Index increases on days when the Index is volatile near the </span><span style="font-family:Arial;font-size:8.645pt;">close of the trading day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Market disruptions, regulatory restrictions, fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, the Fund’s valuation methodology differing from the Index’s valuation methodology, accounting standards and their application to income items, disruptions, illiquidity or high volatility in the markets for the securities or derivatives held by the Fund, and regulatory and tax considerations, among other factors, will also adversely affect the Fund’s ability to adjust exposure to meet its daily inverse leveraged investment objective. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s inverse leveraged correlation </span><span style="font-family:Arial;font-size:8.645pt;">to the Index or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivatives or investments the Fund utilizes to obtain inverse exposure may not provide the expected correlation to the Index resulting in the Fund not performing as expected. Additionally, the Fund may not have investment exposure to all of the securities in the Index, or its weighting of investment exposure to the securities may be different from that of the Index. The Fund may also invest in or have exposure to securities that are not included in the Index. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Index and impacting the Fund’s correlation to the Index. Activities surrounding periodic Index reconstitutions and other Index rebalancing events may also hinder the Fund’s ability to meet its daily inverse leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Other Investment Companies (including ETFs) Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may invest in, or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective the Fund’s performance </span><span style="font-family:Arial;font-size:8.645pt;">will likely be adversely affected. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the index that the ETF tracks especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may suspend purchases or redemption of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect the Fund. If an underlying fund’s shares are suspended from trading on an exchange, the Fund may not be able to obtain </span><span style="font-family:Arial;font-size:8.645pt;">the required exposure to meet its investment objective.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Passive Investment and Index Performance Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">A third party (the “Index Provider”), who is unaffiliated with the Fund or the Fund's Adviser, maintains and exercises complete control over the Index. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Fund and its correlation to the Index. There is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index relies on various sources of information to assess the potential constituents of the Index, including information that may be based on assumptions or estimates. There is no assurance that the sources of information are reliable, and the Adviser does not assess the due diligence conducted by the Index Provider with respect to the data it uses or the Index construction and computation processes. Industry concentrations in the Index will fluctuate with changes in constituents’ market values such that the Index may become more, or less, concentrated over time. There can be no guarantee that the Index’s methodology or calculation will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund generally will not change its investment exposures, including by buying or selling securities or instruments, in response to market conditions. For example, the Fund generally will not sell an Index constituent due to a decline in its performance or based on changes to the prospects of an Index constituent, unless that constituent is removed from the Index with which the Fund seeks correlated </span><span style="font-family:Arial;font-size:8.645pt;">performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Quantum Computing and Machine Learning Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Companies across a wide variety of industries, primarily </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the information technology sector, are exploring the possible applications of quantum computing and machine </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">learning technologies. Consequently, the Fund’s holdings may include equity securities of operating companies in a wide variety of industries, and the economic fortunes of such companies may not be significantly tied to such technologies. Indeed, there currently are few public companies for which quantum computing and machine learning technologies represent a significant revenue or profit stream, and such technologies may never have a material effect on their economic returns. In addition, such companies tend to be significantly impacted by rapid technological advancements, product obsolescence, intense competition and government regulation. They are also heavily dependent on patent and intellectual property rights and their success in obtaining or protecting a patent may materially affect </span><span style="font-family:Arial;font-size:8.645pt;">such company’s profitability.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Artificial Intelligence (AI) and Big Data Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. The products and services of AI and big data companies may face obsolescence due to rapid technological developments and frequent new product or service introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact </span><span style="font-family:Arial;font-size:8.645pt;">on AI and big data companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Natural Language Processing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The ARTIS classification </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">system which is used by the Fund's Index Provider is different than traditional classification systems because it utilizes natural language processing, such as keyword searching, whereas traditional classifications systems utilize backward looking metrics, such as a company’s past profits or revenue, to determine the classification of a company. natural language processing classification system utilized by the Index Provider is different than traditional classification systems because it utilizes automated natural language processing, such as key word searching, rather than backward looking metrics, such as a company’s past profits or revenue, to determine the classification of a company. The Index Provider’s use of natural language processing may result in the Index including companies that may not be classified as companies in the Fund’s respective category by other classification </span><span style="font-family:Arial;font-size:8.645pt;">systems.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Innovative Technologies Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Technologies perceived </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to displace older technologies or create new markets may not in fact do so. Companies that initially develop an innovative technology may not be able to capitalize on the technology. Companies that develop innovative technologies may face political or legal attacks from competitors, industry groups, or local and national governments. The Fund may invest in a company that does not currently derive any revenue from innovative technologies, and there is no assurance that a company will derive any revenue from innovative technologies in the future. An innovative technology may constitute a small portion of a company’s overall business. As a result, the success of an innovative technology may not affect the value of the equity securities issued by the </span><span style="font-family:Arial;font-size:8.645pt;">company.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Small- and/or Mid-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Small- and mid-capitalization companies often have narrower markets for their goods and/or services, less stable earnings, and more limited managerial and financial resources and often have limited product lines, services, markets, financial resources or are dependent on a small management group. Because these stocks are not well-known to the investing public, do not have significant institutional ownership and are followed by relatively few security analysts, there will normally be less publicly available information concerning these securities compared to what is available for the securities of larger companies. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, can decrease the value and liquidity of such securities resulting in more volatile performance. These companies may face </span><span style="font-family:Arial;font-size:8.645pt;">greater risk of business failure.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the securities of the Index. Under such circumstances, the market for securities of the Index may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and price volatility in the securities of the Index. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to the Index, change its investment objective by, for example, seeking to track an alternative index, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily S&amp;P Top 20 US Stocks Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TOPT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TOPT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TOPT, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TOPT seeks to track the investment results of the S&amp;P 500 Top 20 Select Index (the “S&amp;P Index”), which measures the performance of the 20 largest U.S. companies by float-adjusted market capitalization within the S&amp;P 500</span><span style="font-family:Arial;font-size:6pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:8.645pt;"> as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determined by S&amp;P Dow Jones Indices LLC. The securities in the S&amp;P Index are weighted based on the float-adjusted market value of their outstanding shares subject to capping. For capping purposes, the S&amp;P Index will be rebalanced on a quarterly basis. At each quarterly rebalance in March, June, September, and December, the weight of any single issuer will not exceed 22.5% of the S&amp;P Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the S&amp;P Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. TOPT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding TOPT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly </span><span style="font-family:Arial;font-size:8.645pt;">disseminated documents. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TOPT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TOPT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TOPT is consistent with the Fund’s investment objective. The impact of TOPT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TOPT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TOPT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (excluding the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Top 20 U.S. Stocks ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Top 20 U.S. Stocks ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TOPT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Top 20 U.S. Stocks ETF could affect the value of the Fund’s investments with respect to TOPT and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying ETF over the same period. The Fund will lose money if the underlying ETF performance is flat over time, and as a result of daily rebalancing, the underlying ETF’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying ETF’s performance </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">increases over a period longer than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TOPT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TOPT, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TOPT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TOPT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TOPT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of TOPT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TOPT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) ETF volatility; b) ETF performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of TOPT. The chart below provides examples of how ETF volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of ETF volatility and ETF performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher ETF volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="font-family:Arial;font-size:8.645pt;">200% of the performance of TOPT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if TOPT provided no return over a one year period during which TOPT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TOPT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if TOPT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative ETF return for the year was 0%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TOPT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of TOPT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The underlying ETF’s annualized historical volatility rate for the period from October 23, 2024 (the inception date of TOPT) to December 31, 2025 was 21.25%. TOPT’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year for the period from October 23, 2024 (the inception date of TOPT) through December 31, 2025 was 21.83% and volatility for a shorter period of time may have been substantially higher. The underlying ETF’s annualized performance for the period from October 23, 2024 (the inception date of TOPT) to December 31, 2025 was 21.78%. Historical ETF volatility and performance are not indications of what the underlying </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and ETF performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of TOPT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in TOPT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of TOPT. This would result in a total loss of a shareholder’s investment in one day even if TOPT subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if TOPT’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TOPT and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee, change its investment objective by, for example, seeking </span><span style="font-family:Arial;font-size:8.645pt;">to track an alternative index, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;">and without warning. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Underlying ETF Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective or an ETF’s shares trade at a significant premium or discount, the Fund’s performance will likely be adversely affected. In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the ETF especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend sales of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as TOPT, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of TOPT: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because TOPT invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, TOPT may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the industry or sector more than securities of issues in other industries and sectors. To the extent that TOPT increases the relative emphasis of its investments in a particular industry or sector, the value of TOPT’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TOPT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the NYSE Arca or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to TOPT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TOPT is impacted by TOPT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TOPT at the end of each day. The possibility of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund being materially over- or under-exposed to TOPT increases on days when TOPT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TOPT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with TOPT or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to TOPT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TOPT. Any of these factors could decrease the correlation between the performance of the Fund and TOPT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Top 20 U.S. Stocks ETF is </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TOPT and make no representation </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as to the performance of TOPT. Investing in the Fund is not equivalent to investing in TOPT. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to TOPT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TOPT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which TOPT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact TOPT and/or </span><span style="font-family:Arial;font-size:8.645pt;">information technology sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to TOPT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="font-family:Arial;font-size:8.645pt;">value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily Qs Top 30 Stocks Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of QTOP. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of QTOP and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to QTOP, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">QTOP seeks to track the investment results of the Nasdaq-100 Top 30 Index (the “Nasdaq Index”), which measures the performance of securities of the 30 largest domestic and international non-financial companies listed on Nasdaq (on the Nasdaq Global Select Market or the Nasdaq Global Market) based on market capitalization, as determined by Nasdaq, Inc. The Nasdaq Index is a subset of the Nasdaq-100 Index. The securities in the Nasdaq Index are weighted based on the market value of their outstanding shares subject to capping. The Nasdaq Index is reconstituted and rebalanced quarterly in March, June, September, and December. For capping purposes, at each quarterly rebalance, the weight of any single issuer will not exceed 22.5% of the Nasdaq Index; and the aggregate weight of issuers with individual weights exceeding 4.5% will not exceed 48% of the Nasdaq Index. Between rebalances, constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that change the index composition. QTOP is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by iShares Trust pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-92935 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QTOP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated </span><span style="font-family:Arial;font-size:8.645pt;">documents. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain QTOP exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the information technology sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of QTOP. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to QTOP is consistent with the Fund’s investment objective. The impact of QTOP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of QTOP has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of QTOP has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (excluding </span><span style="font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding iShares Nasdaq Top 30 ETF from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding iShares Nasdaq Top 30 ETF is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of QTOP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning iShares Nasdaq Top 30 ETF could affect the value of the Fund’s investments with respect to QTOP and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying ETF over the same period. The Fund will lose money if the underlying ETF performance is flat over time, and as a result of daily rebalancing, the underlying ETF’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying ETF’s performance </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">increases over a period longer than a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of QTOP and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to QTOP, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain QTOP exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">its total assets in investments that provide leveraged exposure </span><span style="font-family:Arial;font-size:8.645pt;">in the information technology sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in QTOP that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain QTOP exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of QTOP’s performance, before fees and expenses. Compounding has </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of QTOP during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) ETF volatility; b) ETF performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of QTOP. The chart below provides examples of how ETF volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of ETF volatility and ETF performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher ETF volatility, compounding will cause results for periods longer than a trading day to vary from </span><span style="font-family:Arial;font-size:8.645pt;">200% of the performance of QTOP. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if QTOP provided no return over a one year period during which QTOP experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if QTOP’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if QTOP’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative ETF return for the year was 0%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of QTOP and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of QTOP. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” </span><span style="font-family:Arial;font-size:8.645pt;">below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">ETF</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The underlying ETF’s annualized historical volatility rate for the period from October 23, 2024 (the inception date of QTOP) to December 31, 2025 was 23.62%. QTOP’s highest volatility rate for any one calendar year for the period from October 23, 2024 (the inception date of QTOP) through December 31, 2025 was 24.15% and volatility for a shorter period of time may have been substantially higher. The underlying ETF’s annualized performance for the period from October 23, 2024 (the inception date of QTOP) to December 31, 2025 was 24.11%. Historical ETF volatility and performance are not indications of what the underlying </span><span style="font-family:Arial;font-size:8.645pt;">ETF volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and ETF performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Fund" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of QTOP resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in QTOP, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of an index decline of more than 50% of QTOP. This would result in a total loss of a shareholder’s investment in one day even if QTOP subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if QTOP’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">QTOP and may increase the volatility of the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;">and without warning. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to QTOP that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading on the NYSE Arca or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to QTOP and therefore achieve its daily leveraged investment objective. The Fund’s exposure to QTOP is impacted by QTOP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to QTOP at the end of each day. The possibility of the Fund being materially over- or under-exposed to QTOP increases on days when QTOP is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) QTOP. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with QTOP or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to QTOP, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to QTOP. Any of these factors could decrease the correlation between the performance of the Fund and QTOP and may hinder the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Underlying ETF Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The Fund will invest in, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or obtain exposure to, another investment company, including an ETF or a money market fund (each, an “underlying fund”), to pursue its investment objective or manage cash. When investing in an underlying fund, the Fund becomes a shareholder of that underlying fund and as a result, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the underlying fund, in addition to the fees and expenses of the Fund’s own operations. If the underlying fund fails to achieve its investment objective or an ETF’s shares trade at a significant premium or discount, the Fund’s performance will likely be adversely affected. In addition, to the extent that the Fund invests in, or has exposure to, an underlying fund that is an ETF, it will be exposed to all of the risks associated with the ETF structure. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Shares of ETFs may trade at a discount or a premium to an ETF’s net asset value which may result in an ETF’s market price being more or less than the value of the ETF especially during periods of market volatility or disruption. There may also be additional trading costs due to an ETF’s bid-ask spread, and/or the underlying fund may suspend sales of its shares due to market conditions that make it impracticable to conduct such transactions, any of which may adversely affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The value of an individual security, such as QTOP, may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. The following are additional risk factors that may impact the </span><span style="font-family:Arial;font-size:8.645pt;">performance of QTOP: </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Large Cap Company Risk</span><span style="font-family:Arial;font-size:8.645pt;">. Because QTOP invests principally </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in large cap company securities, it may underperform other funds during periods when the large cap securities are out </span><span style="font-family:Arial;font-size:8.645pt;">of favor. </span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;margin-left:0.00%;">Industry and Sector Focus Risk</span><span style="font-family:Arial;font-size:8.645pt;">. At times, QTOP may increase </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect the industry or sector more than securities of issues in other industries and sectors. To the extent that QTOP increases the relative emphasis of its investments in a particular industry or sector, the value of QTOP’s shares may fluctuate in response </span><span style="font-family:Arial;font-size:8.645pt;">to events affecting that industry or sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> iShares Nasdaq Top 30 ETF is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of QTOP and make no representation as to the performance of QTOP. Investing in the Fund is not equivalent to investing in QTOP. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to QTOP.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, QTOP, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector (the risks of which are described below), the same industry and/or sector to which QTOP is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact QTOP and/or </span><span style="font-family:Arial;font-size:8.645pt;">information technology sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to QTOP, change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may incur substantial losses or reduced gains. Additionally, an exchange or market may also halt the trading of the Fund’s shares, limiting an investor’s ability to buy or sell Fund shares </span><span style="font-family:Arial;font-size:8.645pt;">on that exchange or market.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> At certain times, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset </span><span style="font-family:Arial;font-size:8.645pt;">value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NYSE Arca. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily AAL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of AAL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of AAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to AAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">American Airlines Group Inc. is a major airline in the United States headquartered in Fort Worth, Texas. AAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Airlines Group Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-8400 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Airlines Group Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, AAL is assigned to the industrials sector and airline industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain AAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and the airline industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide leveraged exposure in the industrials sector and the airline </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of AAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to AAL is consistent with the Fund’s investment objective. The impact of AAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of AAL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of AAL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding American Airlines Group Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding American Airlines Group Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning American Airlines Group Inc. could affect the value of the Fund’s investments with respect to AAL and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of AAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to AAL, consistent with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain AAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and the airline industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide leveraged exposure in the industrials sector and the airline </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in AAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain AAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of AAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of AAL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of AAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of AAL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if AAL provided no return over a one year period during which AAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if AAL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if AAL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of AAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of AAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">AAL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 48.13%. AAL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">56.39% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. AAL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (0.56)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what AAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of AAL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in AAL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of AAL. This would result in a total loss of a shareholder’s investment in one day even if AAL subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if AAL</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with AAL and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to AAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to AAL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to AAL is impacted by AAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to AAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to AAL increases on days when AAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) AAL. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with AAL</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">AAL, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to AAL. Any of these factors could decrease the correlation between the performance of the Fund and AAL and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> American Airlines Group Inc. is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of AAL and make no representation as to the performance of AAL. Investing in the Fund is not equivalent to investing in AAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to AAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Airlines Group Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, AAL faces the risks of economic downturns; insufficient financing; significant pension and postretirement funding obligations; reliance on qualified key personnel; the ever changing economic, geopolitical, commercial, regulatory climates; intense competition in the airline industry; union strikes and other labor disputes; potential for issues with third-party regional operators or service providers; damage to brand reputation; adverse events and the related publicity; intellectual property rights may be hard to defend; increases in the price of fuel; conflicts overseas, terrorist attacks or other acts of violence may target the airline industry; increasing regulations around climate change and regulation of emissions; more stringent pilot time regulations and training requirements may add costs; limited number of aircraft suppliers; heavy reliance on technology may cause risks when systems fail; high infrastructure requirements; as well as risks related to litigation, taxes, insurance, data security, cybersecurity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">accounting issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of AAL. Significant short-term price movements in AAL could adversely impact the performance of both AAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of AAL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, AAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and the airline industry (the risks of which are described below), the same industry and/or sector to which AAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">one security and industry, it should be expected to decrease from any market movements that adversely impact AAL </span><span style="font-family:Arial;font-size:8.645pt;">and/or industrials sector and the airline industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Transportation Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Companies in the transportation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry may be adversely affected by changes in the economy, increases in fuel and operating costs, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation. Global or regional events and conditions may materially disrupt or indefinitely impair the operations, financial condition and liquidity of companies in the transportation industry. Securities of companies in the transportation industry are generally cyclical and occasionally subject to sharp price </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to AAL,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily ABNB Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ABNB. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of ABNB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to ABNB, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Airbnb, Inc. engages in the management and operation of an online marketplace. Its marketplace model connects hosts and guests online or through mobile devices to book spaces. The company was founded in 2007 and is headquartered in San Francisco, CA.. ABNB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Airbnb, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39778 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Airbnb, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, ABNB is assigned to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ABNB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ABNB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ABNB is consistent with the Fund’s investment objective. The impact of ABNB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ABNB has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of ABNB has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Airbnb, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Airbnb, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ABNB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Airbnb, Inc. could affect the value of the Fund’s investments with respect to ABNB and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of ABNB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to ABNB, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ABNB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in ABNB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain ABNB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of ABNB’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ABNB during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of ABNB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of ABNB. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if ABNB provided no return over a one year period during which ABNB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if ABNB’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if ABNB’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ABNB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of ABNB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">ABNB’s annualized historical volatility rate for the five year period ended December 31, 2025 was 46.51%. ABNB’s highest volatility rate for any one calendar year during the five year period was 61.00% and volatility for a shorter period of time may have been substantially higher. ABNB’s annualized performance for the five-year period ended December 31, 2025 was -1.56%. Historical volatility and performance are not indications of what ABNB volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of ABNB resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in ABNB, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of ABNB. This would result in a total loss of a shareholder’s investment in one day even if ABNB subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if ABNB’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">ABNB and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to ABNB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to ABNB and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ABNB is impacted by ABNB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ABNB at the end of each day. The possibility of the Fund being materially over- or under-exposed to ABNB increases on days when ABNB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ABNB. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with ABNB or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to ABNB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to ABNB. Any of these factors could decrease the correlation between the performance of the Fund and ABNB and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Airbnb, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ABNB and make no representation as to the performance of ABNB. Investing in the Fund is not equivalent to investing in ABNB. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to ABNB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of ABNB. Significant short-term price movements in ABNB could adversely impact the performance of both ABNB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of ABNB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, ABNB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which ABNB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact ABNB and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to ABNB, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CAT Bull 2X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CAT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CAT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CAT, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Caterpillar Inc. is a construction, mining and other engineering equipment manufacturer founded in 1925. Caterpillar Inc. does business on every continent, principally operating through three primary segments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Construction Industries, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Resource Industries and Energy &amp; Transportation </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">providing financing and related services through their Financial Products segment. CAT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Caterpillar Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-768 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Caterpillar Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CAT is assigned to the industrials sector and the machinery industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CAT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and machinery industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide leveraged exposure in the industrials sector and machinery </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CAT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CAT is consistent with the Fund’s investment objective. The impact of CAT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CAT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CAT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Caterpillar Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Caterpillar Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CAT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Caterpillar Inc. could affect the value of the Fund’s investments with respect to CAT </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CAT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CAT, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CAT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and machinery industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or more of its total assets in investments that provide leveraged exposure in the industrials sector and machinery </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CAT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CAT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of CAT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CAT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CAT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of CAT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if CAT provided no return over a one year period during which CAT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CAT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if CAT’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CAT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CAT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CAT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 55.11%. CAT’s highest volatility rate for any one calendar year during the five year period was 78.39% and volatility for a shorter period of time may have been substantially higher. CAT’s annualized performance for the five-year period ended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025 was 7.11%. Historical volatility and performance are not indications of what CAT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of CAT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in CAT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of CAT. This would result in a total loss of a shareholder’s investment in one day even if CAT subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if CAT’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CAT and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CAT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to CAT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CAT is impacted by CAT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CAT at the end of each day. The possibility of the Fund being materially over- or under-exposed to CAT increases on days when CAT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CAT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with CAT or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CAT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CAT. Any of these factors could decrease the correlation between the performance of the Fund and CAT and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Caterpillar, Inc. Investing Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, CAT faces risks associated with: sensitivities to global and regional economic conditions; catastrophic events; commodity price changes; changes in monetary or fiscal policies; political and economic risks; dependence on ability to develop, produce and market quality products; high competition; increased information technology security risks; investment management decisions; unrealized anticipated benefits from acquisitions, joint ventures or divestitures; union disputes; unexpected increases in costs to do business; disruptions in the global financial markets; failure to maintain credit rating and retain current cost of financing; the Financial Products segment is subject to risks associated with the financial services industry, changes in interest rates, increases in delinquencies, currency exchange rates, restrictions in debt agreement and sustained increases in funding obligations; changes in trade and anti-corruption laws and policies; taxes; litigation; regulatory compliance costs; as </span><span style="font-family:Arial;font-size:8.645pt;">well as strict environmental laws and regulations.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Caterpillar Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CAT and make no representation as to the performance of CAT. Investing in the Fund is not equivalent to investing in CAT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to CAT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of CAT. Significant short-term price movements in CAT could adversely impact the performance of both CAT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of CAT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Machinery Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The machinery industry includes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the development and sales of machinery and equipment for agriculture and construction projects. Companies within the industry may be significantly affected by government spending, changes in agricultural production, changes in new infrastructure spending, including bridges, roads and tunnels, demand for products such as excavators, bulldozers, cranes and front loaders as well as developments in autonomous machinery. This industry is also sensitive to interest rate fluctuations that can cause changes in the availability of equipment financing. Certain segments of the industry may be significantly affected by environmental regulations and catastrophic events such as pandemics, </span><span style="font-family:Arial;font-size:8.645pt;">earthquakes, hurricanes and terrorist acts.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CAT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and machinery industry (the risks of which are described below), the same industry and/or sector to which CAT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact CAT and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and machinery industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CAT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CCL Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CCL. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CCL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CCL, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Carnival Corporation engages in the operation of cruise ships globally. CCL was founded in 1972 and is headquartered in Miami, Florida. CCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Carnival Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-9610 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Carnival Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, CCL is assigned to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CCL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotel, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotel, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CCL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CCL is consistent with the Fund’s investment objective. The impact of CCL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CCL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CCL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Carnival Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Carnival Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CCL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Carnival Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">CCL and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CCL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CCL, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CCL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotel, restaurants &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotel, restaurants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CCL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CCL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of CCL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of CCL during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of CCL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of CCL. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if CCL provided no return over a one year period during which CCL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CCL’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if CCL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CCL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CCL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CCL’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 29.29%. CCL’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">33.48% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. CCL’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 28.17%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what CCL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of CCL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in CCL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of CCL. This would result in a total loss of a shareholder’s investment in one day even if CCL subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if CCL</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with CCL and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CCL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to CCL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CCL is impacted by CCL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CCL at the end of each day. The possibility of the Fund being materially over- or under-exposed to CCL increases on days when CCL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CCL. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with CCL</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">CCL, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CCL. Any of these factors could decrease the correlation between the performance of the Fund and CCL and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Carnival Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CCL and make no representation as to the performance of CCL. Investing in the Fund is not equivalent to investing in CCL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to CCL.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Carnival Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Carnival Corporation faces risks associated with: geopolitical uncertainty; incidents concerning ships, guests or cruise itineraries; changes in and non-compliance with laws and regulations; factors associated with climate change; inability to meet and achieve financial targets; loss of key employees; increasing fuel charges; reliance on third party suppliers; fluctuations in foreign currency; overcapacity and competition in the cruise industry; inability to implement shipbuilding and repairs; inability to acquire financing; as </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">well as regulatory, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of CCL. Significant short-term price movements in CCL could adversely impact the performance of both CCL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of CCL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CCL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotel, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which CCL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">adversely impact CCL and/or consumer discretionary sector </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the hotel, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to CCL,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CMG Bull 2X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CMG. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CMG and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CMG, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Chipotle Mexican Grill, Inc. is a quick service restaurant first opened in Denver, CO in 1993. Chipotle Mexican Grill, Inc. features a relevant menu of burritos, burrito bowls, quesadillas, tacos, and salads. CMG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Chipotle Mexican Grill, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32731 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Chipotle Mexican Grill, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CMG is assigned to the consumer discretionary sector and the hotels, restaurants &amp; leisure </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CMG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants, </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CMG. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CMG is consistent with the Fund’s investment objective. The impact of CMG’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CMG has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CMG has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Chipotle Mexican Grill, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Chipotle Mexican Grill, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CMG have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Chipotle Mexican Grill, Inc. could affect the value of the Fund’s investments with respect to CMG and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CMG and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CMG, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CMG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants, </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CMG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CMG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of CMG’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CMG during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of CMG. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of CMG. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if CMG provided no return over a one year period during which CMG experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CMG’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CMG’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CMG and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CMG. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CMG’s annualized historical volatility rate for the five year period ended December 31, 2025 was 33.11%. CMG’s highest volatility rate for any one calendar year during the five year period was 40.79% and volatility for a shorter period of time may have been substantially higher. CMG’s annualized performance for the five-year period ended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025 was 5.93%. Historical volatility and performance are not indications of what CMG volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of CMG resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in CMG, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of CMG. This would result in a total loss of a shareholder’s investment in one day even if CMG subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if CMG’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CMG and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CMG that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to CMG and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CMG is impacted by CMG’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CMG at the end of each day. The possibility of the Fund being materially over- or under-exposed to CMG increases on days when CMG is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CMG. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with CMG or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CMG, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CMG. Any of these factors could decrease the correlation between the performance of the Fund and CMG and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chipotle Mexican Grill, Inc. Investing Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, CMG faces risks associated with: food safety and food-borne illnesses; digital business risks; high competition; higher prices for higher quality food business model; social media liability; ability to attract and retain high quality talent; failure to comply with all federal, state and local laws and regulations; increasing costs of labor; inability to attract and retain qualified leaders; cybersecurity breaches; privacy and data concerns; heavy reliance on information technology systems; potential for ingredient costs to increase; shortages or interruptions in the supply chain for needed ingredients; regulatory compliance costs; litigation; taxes; sustained growth of new locations; evolving requirements for disclosure regarding sustainability practices; climate change and the resulting impact on operations; as well as risks related to the general state of the economy </span><span style="font-family:Arial;font-size:8.645pt;">and other business factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Chipotle Mexican Grill, Inc. is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CMG and make no representation as to the performance of CMG. Investing in the Fund is not equivalent to investing in CMG. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to CMG.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of CMG. Significant short-term price movements in CMG could adversely impact the performance of both CMG and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of CMG.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CMG, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which CMG is assigned. Since the Fund is concentrated in a particular security and therefore industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact CMG and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants, &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CMG, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily COST Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of COST. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of COST and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to COST, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Costco Wholesale Corporation engages in the provision of operation of membership warehouses through wholly owned subsidiaries. It operates through the following geographical segments: United States, Canada, and Other International Operations. The company was founded in 1983 and is headquartered in Issaquah, Washington. COST is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Costco Wholesale Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20355 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Costco Wholesale Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, COST is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain COST exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of COST. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to COST is consistent with the Fund’s investment objective. The impact of COST’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of COST has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of COST has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Costco Wholesale Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Costco Wholesale Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of COST have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Costco Wholesale Corporation could affect the value of the Fund’s investments with respect to COST and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of COST and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to COST, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain COST exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in COST that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain COST exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of COST’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of COST during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of COST. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of COST. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if COST provided no return over a one year period during which COST experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if COST’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if COST’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of COST and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of COST. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">COST’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 22.50%. COST’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 31.72% and volatility for a shorter period of time may have been substantially higher. COST’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 19.30%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what COST volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of COST resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in COST, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of COST. This would result in a total loss of a shareholder’s investment in one day even if COST subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if COST</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with COST and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to COST that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to COST and therefore achieve its daily leveraged investment objective. The Fund’s exposure to COST is impacted by COST’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to COST at the end of each day. The possibility of the Fund being materially over- or under-exposed to COST increases on days when COST is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) COST. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with COST</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">COST, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to COST. Any of these factors could decrease the correlation between the performance of the Fund and COST and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Costco Wholesale Corporation is </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of COST and make no representation as to the performance of COST. Investing in the Fund is not equivalent to investing in COST. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to COST.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Costco Wholesale Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Costco Wholesale Corporation shares face risks associated with: dependence on the U.S. and Canadian operations; difficulties implementing growth strategies; failure to maintain membership growth, loyalty and brand recognition; disruptions in merchandise distribution or manufacturing; being able to respond to consumer tastes and demands in a timely fashion; performance and maintenance of the information technology systems of the business; increasing threats of data breaches; payment systems; potential for injury or illness to members; development of omnichannel systems; ability to attract and retain qualified employees; intense competition; general state of the economy as whole; reliance on third party suppliers and their timelines; fluctuations in foreign exchange rates; possibility of natural disasters and other catastrophic events; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of COST. Significant short-term price movements in COST could adversely impact the performance of both COST and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of COST.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, COST, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which COST is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact COST and/or consumer staples sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to COST,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily CRM Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CRM. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CRM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CRM, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Salesforce, Inc. engages in the design and development of cloud-based enterprise software for customer relationship management. The company was founded in 1999 and is headquartered in San Francisco, CA. CRM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Salesforce, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32224 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Salesforce, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, CRM is assigned to the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CRM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CRM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CRM is consistent with the Fund’s investment objective. The impact of CRM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CRM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of CRM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Salesforce, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Salesforce, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Salesforce, Inc. could affect the value of the Fund’s investments with respect to CRM </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of CRM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to CRM, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CRM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in CRM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain CRM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of CRM’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of CRM during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of CRM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of CRM. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if CRM provided no return over a one year period during which CRM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if CRM’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if CRM’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CRM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of CRM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">CRM’s annualized historical volatility rate for the five year period ended December 31, 2025 was 35.29%. CRM’s highest volatility rate for any one calendar year during the five year period was 47.22% and volatility for a shorter period of time may have been substantially higher. CRM’s annualized performance for the five-year period ended December 31, 2025 was 3.80%. Historical volatility and performance are not indications of what CRM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of CRM resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in CRM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of CRM. This would result in a total loss of a shareholder’s investment in one day even if CRM subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if CRM’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CRM and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to CRM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to CRM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CRM is impacted by CRM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CRM at the end of each day. The possibility of the Fund being materially over- or under-exposed to CRM increases on days when CRM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) CRM. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with CRM or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to CRM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to CRM. Any of these factors could decrease the correlation between the performance of the Fund and CRM and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Salesforce, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of CRM and make no representation as to the performance of CRM. Investing in the Fund is not equivalent to investing in CRM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to CRM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of CRM. Significant short-term price movements in CRM could adversely impact the performance of both CRM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of CRM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, CRM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which CRM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact CRM and/or information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">and the software industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="font-family:Arial;font-size:8.645pt;">components.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to CRM, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DAL Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of DAL. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DAL, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Delta Air Lines, Inc. engages in the provision of scheduled air transportation for passengers and cargo. It operates through the Airline and Refinery segments. The company was founded in 1928 and is headquartered in Atlanta, GA. DAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Delta Air Lines, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-05424 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Delta Air Lines, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, DAL is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DAL is consistent with the Fund’s investment objective. The impact of DAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DAL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DAL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Delta Air Lines, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Delta Air Lines, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Delta Air Lines, Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">DAL and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DAL, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of DAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DAL during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with respect to securities of DAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of DAL. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if DAL provided no return over a one year period during which DAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DAL’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if DAL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of DAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of DAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DAL’s annualized historical volatility rate for the five year period ended December 31, 2025 was 40.11%. DAL’s highest volatility rate for any one calendar year during the five year period was 49.80% and volatility for a shorter period of time may have been substantially higher. DAL’s annualized performance for the five-year period ended December 31, 2025 was 12.14%. Historical volatility and performance are not indications of what DAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of DAL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in DAL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of DAL. This would result in a total loss of a shareholder’s investment in one day even if DAL subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if DAL’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with DAL and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to DAL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to DAL is impacted by DAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to DAL increases on days when DAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DAL. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with DAL or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to DAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DAL. Any of these factors could decrease the correlation between the performance of the Fund and DAL and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Delta Air Lines, Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DAL and make no representation as to the performance of DAL. Investing in the Fund is not equivalent to investing in DAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to DAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of DAL. Significant short-term price movements in DAL could adversely impact the performance of both DAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of DAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which DAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market movements that adversely impact DAL and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to DAL, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DIS Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of DIS. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DIS and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DIS, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Walt Disney Company engages in the business of international family entertainment and media enterprise. It owns and operates television and radio production, distribution and broadcasting stations, direct-to-consumer services, amusement parks, and hotels. It operates through the following business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. The company was founded in 1923 and is headquartered in Burbank, California. DIS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Walt Disney Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38842 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Walt Disney Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, DIS is assigned to the communication services sector and the entertainment industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DIS exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">services sector and the entertainment industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DIS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DIS is consistent with the Fund’s investment objective. The impact of DIS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DIS has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DIS has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of the Fund’s total assets (including the value of the collateral </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding The Walt Disney Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding The Walt Disney Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DIS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning The Walt Disney Company could affect the value of the Fund’s investments with respect to DIS and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DIS and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DIS, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DIS exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">services sector and the entertainment industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DIS that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DIS exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of DIS’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DIS during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DIS. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of DIS. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if DIS provided no return over a one year period during which DIS experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DIS’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if DIS’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of DIS and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of DIS. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DIS’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 29.14%. DIS’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">37.42% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. DIS’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -8.46%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DIS volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of DIS resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in DIS, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of DIS. This would result in a total loss of a shareholder’s investment in one day even if DIS subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if DIS</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with DIS and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DIS that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to DIS and therefore achieve its daily leveraged investment objective. The Fund’s exposure to DIS is impacted by DIS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DIS at the end of each day. The possibility of the Fund being materially over- or under-exposed to DIS increases on days when DIS is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DIS. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired correlation with DIS</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">DIS, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DIS. Any of these factors could decrease the correlation between the performance of the Fund and DIS and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Walt Disney Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DIS and make no representation as to the performance of DIS. Investing in the Fund is not equivalent to investing in DIS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to DIS.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">The Walt Disney Company Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, The Walt Disney Company shares face risks associated with: the potential for a decline in global and regional economic conditions; fluctuations in foreign currency; changes in technology and consumer consumption patterns; may be misaligned with public and consumer tastes and preferences for entertainment and travel; variety of events that are uncontrollable and would disrupt business, including health events, natural disasters and climate change; increasing competitive pressures; ability to renew long-term contracts on favorable terms; damage to reputation or brand; ability to obtain required financing; labor disputes; business seasonality; ability to attract and retain employees; maintenance of intellectual property; cybersecurity threats and data breaches; changing regulations may impact business; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of DIS. Significant short-term price movements in DIS could adversely impact the performance of both DIS and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of DIS.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DIS, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the communication </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector and the entertainment industry (the risks of which are described below), the same industry and/or sector to which DIS is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that adversely impact DIS and/or communication services sector </span><span style="font-family:Arial;font-size:8.645pt;">and the entertainment industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Entertainment Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">entertainment industry may be impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. The entertainment industry is regulated, and subject to changes in the rules regarding advertising and the content produced by entertainment companies can increase overall production and distribution costs. Companies in the entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">content.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to DIS,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily DKNG Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of DKNG. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DKNG and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DKNG, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DraftKings, Inc. is a digital sports entertainment and gaming company, which engages in the provision of online sports betting, online casino, daily fantasy sports product offerings, DraftKings Marketplace, retail sportsbook, media, and other consumer product offerings. The company was founded in 2011 and is headquartered in Boston, Massachusetts. DKNG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by DraftKings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41379 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding DraftKings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, DKNG is assigned to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DKNG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of DKNG. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to DKNG is consistent with the Fund’s investment objective. The impact of DKNG’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of DKNG has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of DKNG has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="font-family:Arial;font-size:8.645pt;">the value of the collateral received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding DraftKings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding DraftKings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of DKNG have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning DraftKings Inc. could affect the value of the Fund’s investments with respect to DKNG </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of DKNG and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to DKNG, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DKNG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in DKNG that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain DKNG exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of DKNG’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of DKNG during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of DKNG. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of DKNG. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if DKNG provided no return over a one year period during which DKNG experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if DKNG’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if DKNG’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of DKNG and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of DKNG. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">DKNG’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 61.87%. DKNG’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 96.37% and volatility for a shorter period of time may have been substantially higher. DKNG’s annualized </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -5.84%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what DKNG volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of DKNG resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in DKNG, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of DKNG. This would result in a total loss of a shareholder’s investment in one day even if DKNG subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if DKNG</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">DKNG and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to DKNG that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to DKNG and therefore achieve its daily leveraged investment objective. The Fund’s exposure to DKNG is impacted by DKNG’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to DKNG at the end of each day. The possibility of the Fund being materially over- or under-exposed to DKNG increases on days when DKNG is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) DKNG. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with DKNG</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">DKNG, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to DKNG. Any of these factors could decrease the correlation between the performance of the Fund and DKNG and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> DraftKings Inc. is not affiliated with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of DKNG and make no representation as to the performance of DKNG. Investing in the Fund is not equivalent to investing in DKNG. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">rights with respect to DKNG.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">DraftKings, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, DraftKings, Inc. shares face risks associated with: significant competition in the industry; economic downturns and market conditions are uncontrollable; foreign regulations may change; reductions in consumer discretionary spending could have an adverse effect on business; fluctuations in operating results; historical losses may reoccur in the future; business demand fluctuates seasonally; reliance on artificial intelligence and information technology; vulnerability for data breaches; reliance on third party providers in uncontrollable; reliance on third party payment processors and sports data providers; failure to detect fraud or theft; reliance on strategic relationships with casinos, tribes and horse-tracks to offer services in certain jurisdictions; growth is dependent on development of new users, products and offerings; growth is also dependent on the legal status of real-money gambling; ability to obtain adequate financing; likelihood for errors in odd calculations; negative events may result in negative press; difficulty accessing the service of banks and financial institutions; as well as regulatory, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of DKNG. Significant short-term price movements in DKNG could adversely impact the performance of both DKNG and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of DKNG.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, DKNG, and therefore, a particular industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants, &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which DKNG is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that adversely impact DKNG and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants, &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Sports Betting &amp; iGaming Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The iGaming </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and sports betting industry is characterized by an increasingly high degree of competition among a large number of participants including from participants performing illegal activities or unregulated companies. Expansion of iGaming and sports betting in other jurisdictions (both regulated and unregulated) could increase competition with traditional betting companies, which could have an adverse impact on their financial condition, operations and cash flows. In a broader sense, iGaming and sports betting companies face competition from all manner of leisure and entertainment activities, including shopping, athletic events, television and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">movies, concerts and travel. In addition, established jurisdictions could award additional licenses or permit the expansion or relocation of existing sports betting companies. These companies also may be subject to increasing regulatory constraints, particularly with respect to cybersecurity and privacy. In addition to the costs of complying with such constraints, the unintended disclosure of confidential information, whether because of an error or a cybersecurity event, could adversely affect the reputation, profitability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and value of these companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to DKNG,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily GM Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of GM. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of GM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to GM, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">General Motors Company engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts, and in providing software-enabled services and subscriptions. The company was founded in 1908 and is headquartered in Detroit, MI. GM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by General Motors Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-34960 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding General Motors Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, GM is assigned to the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain GM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of GM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to GM is consistent with the Fund’s investment objective. The impact of GM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of GM has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of GM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding General Motors Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding General Motors Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of GM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning General Motors Company could affect the value of the Fund’s investments with respect to GM and therefore the value </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of GM and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to GM, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain GM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and automobiles industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary </span><span style="font-family:Arial;font-size:8.645pt;">sector and automobiles industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in GM that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain GM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of GM’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of GM during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of GM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of GM. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if GM provided no return over a one year period during which GM experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if GM’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if GM’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of GM and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of GM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">GM’s annualized historical volatility rate for the five year period ended December 31, 2025 was 37.24%. GM’s highest volatility rate for any one calendar year during the five year period was 44.21% and volatility for a shorter period of time may have been substantially higher. GM’s annualized performance for the five-year period ended December 31, 2025 was 15.13%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what GM volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of GM resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in GM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of GM. This would result in a total loss of a shareholder’s investment in one day even if GM subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if GM’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with GM and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to GM that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to GM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to GM is impacted by GM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to GM at the end of each day. The possibility of the Fund being materially over- or under-exposed to GM increases on days when GM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) GM. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with GM or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to GM, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to GM. Any of these factors could decrease the correlation between the performance of the Fund and GM and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> General Motors Company is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of GM and make no representation as to the performance of GM. Investing in the Fund is not equivalent to investing in GM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to GM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of GM. Significant short-term price movements in GM could adversely impact the performance of both GM and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of GM.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, GM, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and automobiles industry (the risks of which are described below), the same industry and/or sector to which GM is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact GM and/or consumer discretionary sector and </span><span style="font-family:Arial;font-size:8.645pt;">automobiles industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain </span><span style="font-family:Arial;font-size:8.645pt;">events that may negatively impact the automotive industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to GM, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily KO Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of KO. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of KO and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to KO, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Coca-Cola Company engages in the manufacturing and marketing of non-alcoholic beverages. It operates through the following segments: Europe, Middle East and Africa, Latin America, North America, Asia Pacific, Global Ventures, and Bottling Investments. The company was founded in 1886 and is headquartered in Atlanta, Georgia. KO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by The Coca-Cola Company pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-02217 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding The Coca-Cola Company may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, KO is assigned to the consumer staples sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain KO exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of KO. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to KO is consistent with the Fund’s investment objective. The impact of KO’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of KO has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of KO has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding The Coca-Cola Company from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding The Coca-Cola Company is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of KO have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning The Coca-Cola Company could affect the value of the Fund’s investments with respect to KO and therefore the value </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of KO and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to KO, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain KO exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the consumer staples industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in KO that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain KO exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of KO’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of KO during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of KO. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of KO. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if KO provided no return over a one year period during which KO experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if KO’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">if KO’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return less than 200% of the performance of KO and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of KO. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">KO’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 16.00%. KO’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">19.81% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. KO’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 8.18%. Historical volatility and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what KO volatility and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of KO resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in KO, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of KO. This would result in a total loss of a shareholder’s investment in one day even if KO subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if KO</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with KO and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to KO that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to KO and therefore achieve its daily leveraged investment objective. The Fund’s exposure to KO is impacted by KO’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to KO at the end of each day. The possibility of the Fund being materially over- or under-exposed to KO increases on days when KO is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) KO. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired correlation with KO</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">KO, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to KO. Any of these factors could decrease the correlation between the performance of the Fund and KO and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Coca-Cola Company is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of KO and make no representation as to the performance of KO. Investing in the Fund is not equivalent to investing in KO. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to KO.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">The Coca-Cola Company Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, The Coca-Cola Company shares face risks associated with: potential for changes in the economic and geopolitical conditions; increased competition; failure of innovation; changes in retail landscape; inability to expand business into emerging and developing countries; ability to attract and retain key employees; disruptions in the supply chain; reliance on third-party service providers; labor disputes; changes in consumer demands; perceived negative effects of certain ingredients; product safety and health concerns; negative publicity; reliance on bottling partners; as well as regulatory, tax, insurance, legal and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of KO. Significant short-term price movements in KO could adversely impact the performance of both KO and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of KO.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, KO, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples industry (the risks of which are described below), the same industry and/or sector to which KO is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact KO and/or consumer staples industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">factors.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to KO,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LCID Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of LCID. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of LCID and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to LCID, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Lucid Group, Inc. manufactures electric vehicles. It designs, develops, and builds energy storage systems for electric vehicles and supplies automakers with the battery pack system needed to power hybrid, plug-in, and electric vehicles. The company was founded in December 2007 and is headquartered in Newark, California. LCID is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Lucid Group, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39408 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Lucid Group, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, LCID is assigned to the consumer discretionary sector and automotive industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LCID exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the automotive industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and the automotive industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LCID. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LCID is consistent with the Fund’s investment objective. The impact of LCID’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LCID has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LCID has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Lucid Group, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Lucid Group, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LCID have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Lucid Group, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">LCID and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of LCID and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to LCID, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LCID exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the automotive industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the consumer discretionary </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">sector and the automotive industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LCID that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LCID exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of LCID’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LCID during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LCID. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of LCID. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if LCID provided no return over a one year period during which LCID experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LCID’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if LCID’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of LCID and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of LCID. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LCID’s annualized historical volatility rate for the period from July </span><span style="font-family:Arial;font-size:8.645pt;">26, 2021 (the offering date of LCID) to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 82.29%. LCID's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from July 26, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of LCID) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 95.31% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. LCID</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from July </span><span style="font-family:Arial;font-size:8.645pt;">26, 2021 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(the offering date of LCID) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -51.77%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what the volatility and performance of LCID will be in the future. The volatility of instruments that reflect the value </span><span style="font-family:Arial;font-size:8.645pt;">of LCID, such as swaps, may differ from the volatility of LCID.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of LCID resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in LCID, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of LCID. This would result in a total loss of a shareholder’s investment in one day even if LCID subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if LCID</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with LCID and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LCID that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to LCID and therefore achieve its daily leveraged investment objective. The Fund’s exposure to LCID is impacted by LCID’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LCID at the end of each day. The possibility of the Fund being materially over- or under-exposed to LCID increases on days when LCID is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LCID. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with LCID</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">LCID, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LCID. Any of these factors could decrease the correlation between the performance of the Fund and LCID and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Lucid Group, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Lucid Group, Inc. shares face risks associated with: limited operating history and future business prospects; historical net losses continuing; an inability to control substantial costs; cancellable orders; a global downtown or recession; dependence on a single model of vehicle; the cancellation of or inability to fulfill a large contract from Saudi Arabia; dependence on brand image; no third-party retail product distribution and service network; consumers’ adoption of electric vehicles; changing international business operations; significant barriers to entry and competition in the automotive industry; elimination or reduction of government initiatives; an inability to offer attractive leasing and financing options; development of technology related to autonomous driving advanced driving assistance; low gas prices hampering demand; supply chain complexities; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Lucid Group, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LCID and make no representation as to the performance of LCID. Investing in the Fund is not equivalent to investing in LCID. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to LCID.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of LCID. Significant short-term price movements in LCID could adversely impact the performance of both LCID and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of LCID.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LCID, and therefore, a particular industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the automotive industry (the risks of which are described below), the same industry and/or sector to which LCID is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to decrease from any market movements that adversely impact LCID and/or consumer discretionary sector and the </span><span style="font-family:Arial;font-size:8.645pt;">automotive industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Automotive Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The automotive industry </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">, autonomous vehicle technologies) may require </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">events that may negatively impact the automotive industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Electric and Autonomous Vehicles Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Electric and autonomous vehicles companies typically face intense competition and potentially rapid product obsolescence. Many of these companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Electric and autonomous vehicles companies typically engage in significant amounts of spending on research and development, capital expenditures and mergers and acquisitions, and there is no guarantee that the products or services produced by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">these companies will be successful. Companies that produce the raw materials that are used in electric vehicles may be concentrated in certain commodities, and therefore be exposed to the price fluctuations of those commodities. In addition, autonomous vehicle technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Electric and autonomous vehicles companies are also potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Electric and autonomous vehicles companies rely on artificial intelligence and big data technologies for the development of their platforms and, as a result, could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. The customers and/or suppliers of electric and autonomous vehicles companies may be concentrated in a particular country, region or industry, including in emerging markets. Any adverse event affecting one of these countries, regions or industries could have a negative impact on electric and autonomous vehicles </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to LCID,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily LUV Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of LUV. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of LUV and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to LUV, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Southwest Airlines Co. engages in the operation and management of a passenger airline. The company was founded in1967 and is headquartered in Dallas, TX. LUV is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Southwest Airlines Co. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-7259 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Southwest Airlines Co. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, LUV is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LUV exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of LUV. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to LUV is consistent with the Fund’s investment objective. The impact of LUV’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of LUV has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of LUV has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Southwest Airlines Co. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Southwest Airlines Co. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LUV have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Southwest Airlines Co. could affect the value of the Fund’s investments with respect </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">to LUV and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of LUV and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to LUV, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LUV exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in LUV that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain LUV exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of LUV’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of LUV during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of LUV. The chart below provides </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of LUV. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if LUV provided no return over a one year period during which LUV experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if LUV’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if LUV’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of LUV and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of LUV. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">LUV’s annualized historical volatility rate for the five year period ended December 31, 2025 was 36.36%. LUV’s highest volatility rate for any one calendar year during the five year period was 42.67% and volatility for a shorter period of time may have been substantially higher. LUV’s annualized performance for the five-year period ended December 31, 2025 was -0.96%. Historical volatility and performance are not indications of what LUV volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of LUV resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in LUV, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of LUV. This would result in a total loss of a shareholder’s investment in one day even if LUV subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if LUV’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with LUV and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to LUV that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to LUV and therefore achieve its daily leveraged investment objective. The Fund’s exposure to LUV is impacted by LUV’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to LUV at the end of each day. The possibility of the Fund being materially over- or under-exposed to LUV increases on days when LUV is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) LUV. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with LUV or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to LUV, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to LUV. Any of these factors could decrease the correlation between the performance of the Fund and LUV and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Southwest Airlines Co. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of LUV and make no representation as to the performance of LUV. Investing in the Fund is not equivalent to investing in LUV. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to LUV.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of LUV. Significant short-term price movements in LUV could adversely impact the performance of both LUV and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of LUV.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, LUV, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which LUV is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact LUV and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to LUV, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily MARA Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of MARA. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of MARA and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to MARA, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support Bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power Bitcoin mining projects. The company was founded in 2010 and is headquartered in Fort Lauderdale, Florida. MARA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MARA Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36555 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MARA Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, MARA </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is assigned to the information technology sector and the </span><span style="font-family:Arial;font-size:8.645pt;">software industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain MARA exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MARA. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MARA is consistent with the Fund’s investment objective. The impact of MARA’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MARA has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of MARA has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the value of the collateral received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding MARA Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding MARA Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MARA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning MARA Holdings, Inc. could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">MARA and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of MARA and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to MARA, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain MARA exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the information technology sector and the software industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the information </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">technology sector and the software industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in MARA that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain MARA exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of MARA’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time an investment in the Fund is held and the volatility of MARA during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of MARA. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of MARA. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if MARA provided no return over a one year period during which MARA experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if MARA’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if MARA’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of MARA and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of MARA. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">MARA’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 114.92%. MARA’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">highest volatility rate for any one calendar year during the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">five year period was </span><span style="font-family:Arial;font-size:8.645pt;">134.62% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. MARA’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was -2.97%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what MARA volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of MARA resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in MARA, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of MARA. This would result in a total loss of a shareholder’s investment in one day even if MARA subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if MARA</span><span style="font-family:Arial;font-size:8.645pt;">’s value does not move fully opposite from the Fund’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">MARA and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to MARA that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to MARA and therefore achieve its daily leveraged investment objective. The Fund’s exposure to MARA is impacted by MARA’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MARA at the end of each day. The possibility of the Fund being materially over- or under-exposed to MARA increases on days when MARA is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) MARA. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with MARA</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">MARA, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to MARA. Any of these factors could decrease the correlation between the performance of the Fund and MARA and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> MARA Holdings, Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of MARA and make no representation as to the performance of MARA. Investing in the Fund is not equivalent to investing in MARA. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to MARA.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">MARA Holdings, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, MARA Holdings, Inc. shares face risks associated with: bitcoin and bitcoin prices are highly volatile; the regulatory environment of bitcoin is ever evolving; failure to grow hash rate could result in the operations to suffer; potential for the disruptions of the crypto asset markets; geopolitical and economic crisis; open-source structure of the Bitcoin network protocol could adversely impact operations; potential for “forks” in the blockchain; mining and processing irregularities; reliance on immersion-cooling; loss or destruction of private keys may be irreversible; security threats; ability to adapt to changing technology; limitation of legal recourse available; security breaches, privacy concerns and cybersecurity attacks; reliance on third-party hosting; intellectual property rights claims may adversely affect operations; reliance on key personnel; prolonged power or internet outages; as well as regulatory, tax, insurance, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of MARA. Significant short-term price movements in MARA could adversely impact the performance of both MARA and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of MARA.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, MARA, and therefore, a particular industry and will have more than 25% of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure to the information technology sector and the software industry (the risks of which are described below), the same industry and/or sector to which MARA is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that adversely impact MARA and/or information technology sector </span><span style="font-family:Arial;font-size:8.645pt;">and the software industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Crypto Industry Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— Companies in the crypto </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry are subject to various risks, including the inability to develop digital asset applications or to capitalize on those applications, theft, loss, or destruction of cryptographic keys, the possibility that digital asset technologies may never be fully implemented, cybersecurity risk, conflicting intellectual property claims, and inconsistent and changing regulations. Digital payments processing companies are subject to various risks, including those associated with intense competition, changes in regulation, economic conditions, deterioration in credit markets, impairment of intellectual property rights, disruptions in service, and cybersecurity attacks and other types of theft. Some of the companies in which the Fund will invest are engaged in other lines of business unrelated to the crypto ecosystem and these lines of business could adversely affect their operating results. Crypto asset markets are also relatively new markets, are not regulated in a manner similar to U.S. equities markets, have variable liquidity and may be subject to manipulation. Crypto asset systems, including those built using third party products, may be subject to technical defects or vulnerabilities, and such defects </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or vulnerabilities may not be capable of being cured.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The value of stocks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. In addition, many information technology companies have limited product lines, markets, financial resources or personnel. The prices of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile and less liquid than the overall market. Information technology companies are heavily dependent on patent and intellectual </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the application software industry, in particular, may also be negatively affected by the risk that subscription renewal rates for their products and services decline or fluctuate, leading to declining revenues. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Companies in the computer software industry may also be affected by the availability and price of computer software technology </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">components.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Companies that develop and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">implement computer software can face risks associated with intense competition, especially in new product development, deployment and delivery, product obsolescence or saturation, cybersecurity risks as well as changes in regulation especially with respect to consumer or customer data, and risks </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">associated with technology.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to MARA,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily NKE Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of NKE. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of NKE and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to NKE, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NIKE, Inc. engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, equipment, and services. The company was founded in 1964 and is headquartered in Beaverton, OR. NKE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by NIKE, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-10635 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding NIKE, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, NKE is assigned to the consumer discretionary sector and textiles, </span><span style="font-family:Arial;font-size:8.645pt;">apparel &amp; luxury goods industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain NKE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="font-family:Arial;font-size:8.645pt;">goods industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of NKE. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to NKE is consistent with the Fund’s investment objective. The impact of NKE’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NKE has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of NKE has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding NIKE, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding NIKE, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NKE have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning NIKE, Inc. could affect the value of the Fund’s investments with respect to NKE and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of NKE and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to NKE, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain NKE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and textiles, apparel &amp; luxury </span><span style="font-family:Arial;font-size:8.645pt;">goods industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in NKE that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain NKE exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of NKE’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NKE during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of NKE. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of NKE. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if NKE provided no return over a one year period during which NKE experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if NKE’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if NKE’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of NKE and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of NKE. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">NKE’s annualized historical volatility rate for the five year period ended December 31, 2025 was 34.86%. NKE’s highest volatility rate for any one calendar year during the five year period was 42.38% and volatility for a shorter period of time may have been substantially higher. NKE’s annualized performance for the five-year period ended December 31, 2025 was -13.52%. Historical volatility and performance are not indications of what NKE volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of NKE resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in NKE, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of NKE. This would result in a total loss of a shareholder’s investment in one day even if NKE subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if NKE’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with NKE and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to NKE that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to NKE and therefore achieve its daily leveraged investment objective. The Fund’s exposure to NKE is impacted by NKE’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NKE at the end of each day. The possibility of the Fund being materially over- or under-exposed to NKE increases on days when NKE is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) NKE. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with NKE or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to NKE, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to NKE. Any of these factors could decrease the correlation between the performance of the Fund and NKE and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> NIKE, Inc. is not affiliated with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of NKE and make no representation as to the performance of NKE. Investing in the Fund is not equivalent to investing in NKE. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="font-family:Arial;font-size:8.645pt;">respect to NKE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of NKE. Significant short-term price movements in NKE could adversely impact the performance of both NKE and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of NKE.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, NKE, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and textiles, apparel &amp; luxury goods industry (the risks of which are described below), the same industry and/or sector to which NKE is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact NKE and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and textiles, apparel &amp; luxury goods industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to NKE, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily O Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of O. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of O and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to O, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Realty Income Corporation is a real estate company, which engages in generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. The company was founded in 1969 and is headquartered in San Diego, California. O is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Realty Income Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-13374 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Realty Income Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, O is assigned to the real estate sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain O exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the real estate sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the real </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">estate sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of O. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to O is consistent with the Fund’s investment objective. The impact of O’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of O has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of O has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Realty Income Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Realty Income Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of O have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Realty Income Corporation could affect the value of the Fund’s investments with respect to O and therefore the </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of O and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to O, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain O exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the real estate sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the real </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">estate sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in O that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain O exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of O’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of O during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of O. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of O. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if O provided no return over a one year period during which O experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if O’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">if O’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return less than 200% of the performance of O and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of O. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">O’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 19.12%. O’s highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">22.41% and volatility for a shorter period of time may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have been substantially higher. O’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 3.13%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of </span><span style="font-family:Arial;font-size:8.645pt;">what O volatility and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of O resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in O, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of O. This would result in a total loss of a shareholder’s investment in one day even if O subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if O</span><span style="font-family:Arial;font-size:8.645pt;">’s value does </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Leverage will also have the effect of magnifying any differences in the Fund’s correlation with O and may increase </span><span style="font-family:Arial;font-size:8.645pt;">the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to O that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to O and therefore achieve its daily leveraged investment objective. The Fund’s exposure to O is impacted by O’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to O at the end of each day. The possibility of the Fund being materially over- or under-exposed to O increases on days when O is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) O. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may refrain </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">other reasons, each of which may negatively </span><span style="font-family:Arial;font-size:8.645pt;">impact the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s desired correlation with O</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">O, resulting in the Fund not performing as </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to O. Any of these factors could decrease the correlation between the performance of the Fund and O and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around </span><span style="font-family:Arial;font-size:8.645pt;">that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Realty Income Corporation is not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of O and make no representation as to the performance of O. Investing in the Fund is not equivalent to investing in O. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">or any other rights with respect to O.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Realty Income Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the real estate sector, Realty Income Corporation shares face risks associated with: variability in the supply and demand of real estate; unknown environmental liability of being a property owner; failure to qualify as a REIT; changing regulations related to REITs; debt and preferred stock financing; real estate investment is illiquid; international investment comes with additional risks; property taxes may increase; regulations regarding gaming facilities may change; compliance with the Americans with Disabilities Act of 1990 and regulations promulgated thereunder; climate change impacts are hard to predict; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of O. Significant short-term price movements in O could adversely impact the performance of both O and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of O.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, O, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the real estate sector (the risks of which are described below), the same industry and/or sector to which O is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact O and/or real estate sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Investing in securities of real estate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as natural disasters and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate sector. Although interest rates have significantly increased since 2022, the prices of real estate related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. A correction or severe downturn in real estate-related asset prices in the future could adversely impact the value of securities of real estate companies. Additionally, the recent trend towards remote working environments has decreased, in the longer term the institutionalization of remote work has the potential to negatively impact commercial real estate occupancy rates </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and the real estate sector as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to O,</span><span style="font-family:Arial;font-size:8.645pt;"> change its investment objective, reduce its exposure for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily PDD Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PDD. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of PDD and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to PDD, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD Holdings, Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company was founded in 2015 and is headquartered in Dublin, Ireland. PDD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, PDD is assigned to the consumer discretionary sector and retail industry. PDD is a Chinese-based company and is traded as an American Depositary Receipt ("ADR") in the United States. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain PDD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and retail industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PDD. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PDD is consistent with the Fund’s investment objective. The impact of PDD’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PDD has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of PDD has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PDD Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PDD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PDD Holdings Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">PDD and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of PDD and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to PDD, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain PDD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and retail industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and retail industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in PDD that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain PDD exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of PDD’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PDD during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of PDD. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of PDD. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if PDD provided no return over a one year period during which PDD experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if PDD’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if PDD’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PDD and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of PDD. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">PDD’s annualized historical volatility rate for the five year period ended December 31, 2025 was 70.16%. PDD’s highest volatility rate for any one calendar year during the five year period was 103.25% and volatility for a shorter period of time may have been substantially higher. PDD’s annualized performance for the five-year period ended December 31, 2025 was -8.59%. Historical volatility and performance are not indications of what PDD volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of PDD resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in PDD, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of PDD. This would result in a total loss of a shareholder’s investment in one day even if PDD subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if PDD’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PDD and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to PDD that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to PDD and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PDD is impacted by PDD’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PDD at the end of each day. The possibility of the Fund being materially over- or under-exposed to PDD increases on days when PDD is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PDD. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with PDD or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to PDD, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to PDD. Any of these factors could decrease the correlation between the performance of the Fund and PDD and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> PDD Holdings Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of PDD and make no representation as to the performance of PDD. Investing in the Fund is not equivalent to investing in PDD. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to PDD.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of PDD. Significant short-term price movements in PDD could adversely impact the performance of both PDD and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of PDD.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, PDD, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and retail industry (the risks of which are described below), the same industry and/or sector to which PDD is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">from any market movements that adversely impact PDD </span><span style="font-family:Arial;font-size:8.645pt;">and/or consumer discretionary sector and retail industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Retail Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - Retail and related industries can be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition, the retail industry is highly competitive and a company’s success can be tied to its ability to anticipate changing </span><span style="font-family:Arial;font-size:8.645pt;">consumer tastes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Chinese Securities Risks </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Although the economy of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">People’s Republic of China (“China” or the “PRC”) has been in a state of transition from a government-planned socialist economy to a more market-oriented economy since the 1970s, the level of government involvement in China’s economy continues to distinguish it from other global markets as the majority of productive assets in China are owned (at different levels) by the PRC. Due to PRC government economic reforms during the last thirty years, China’s economy, as reflected in the value of Chinese issuers, has experienced significant growth. There can be no assurance, however, that the PRC government will continue to pursue such reforms. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading halts, low trading volume and price volatility. In addition, in recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities </span><span style="font-family:Arial;font-size:8.645pt;">illiquid. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Laws and regulations in China are less well-developed and may not be enforced, and court decisions do not establish binding precedent. In addition, laws and regulations may change with little or no advance notice. Accordingly, there is little assurance about the effect of laws and regulations, including those regarding foreign investment in Chinese securities. The PRC government strictly regulates foreign currency transactions, effectively controlling the flow of capital into and out of China. The Chinese authorities can intervene in the operations and structure of Chinese </span><span style="font-family:Arial;font-size:8.645pt;">companies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Chinese economy is export-driven and highly reliant on trade. China’s maintenance of relationships with its primary trading partners, such as the U.S., Japan, South Korea and countries in the European Union, is critical to the Chinese economy. Worsening trade, diplomatic and military relations between the U.S. and China could adversely impact Chinese securities, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China or investments in Chinese securities listed on U.S. stock exchanges. Securities of Chinese companies traded on U.S. stock exchanges also may be delisted in response to changing economic sanctions, foreign investment rules or other rules, regulations or determinations by the U.S. government. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. Reduction in spending on Chinese products and services, supply chain diversification, additional tariffs or other trade barriers, an economic slowdown or recession in countries that import significant goods from China would likely </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact Chinese issuers. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Inflation has historically been an issue in China, and the taxation of investments in China remains unsettled. Chinese issuers and the Fund, as an investor in such issuers, could be subject to retroactive taxation. There also remains a risk that assets or investments in China will be nationalized or expropriated. China’s securities markets can be more volatile than other global markets and issuers in them are not typically required to provide the same amount or quality of information, including financial information, as U.S. companies. Investors who are harmed as a result of the lack of (quality) information about Chinese issuers will generally have little to no recourse due to the lack of remedies available in China, and the difficulty of pursuing and enforcing </span><span style="font-family:Arial;font-size:8.645pt;">remedies. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">China has experienced security concerns, such as terrorism and strained international relations. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Additionally, China is alleged to have participated in cyberattacks against foreign countries and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on Chinese government or Chinese companies, may impact China’s economy and </span><span style="font-family:Arial;font-size:8.645pt;">cause uncertainty in Chinese securities markets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to PDD, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RBLX Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of RBLX. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RBLX and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RBLX, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Roblox Corporation engages in the provision of online gaming services. The company was founded in March 2004 and is headquartered in San Mateo, California. RBLX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Roblox Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39763 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Roblox Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, RBLX is assigned to the communication services sector and the entertainment industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RBLX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">services sector and the entertainment industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RBLX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RBLX is consistent with the Fund’s investment objective. The impact of RBLX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RBLX has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RBLX has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Roblox Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Roblox Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RBLX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Roblox Corporation could affect the value of the Fund’s investments with respect to </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">RBLX and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RBLX and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RBLX, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RBLX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and the entertainment industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in investments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that provide leveraged exposure in the communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">services sector and the entertainment industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RBLX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RBLX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of RBLX’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RBLX during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with respect to securities of RBLX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of RBLX. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if RBLX provided no return over a one year period during which RBLX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RBLX’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RBLX’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RBLX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RBLX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RBLX’s annualized historical volatility rate for the period from March </span><span style="font-family:Arial;font-size:8.645pt;">10, 2021 (the offering date of RBLX) to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 70.00%. RBLX's highest volatility </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rate for any one full calendar year for the period from March 10, 2021</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">(the offering date of RBLX) through </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025</span><span style="font-family:Arial;font-size:8.645pt;"> was 97.43% and volatility for a shorter </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">period of time may have been substantially higher. RBLX</span><span style="font-family:Arial;font-size:8.645pt;">’s </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">annualized performance for the period from March </span><span style="font-family:Arial;font-size:8.645pt;">10, 2021 </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(the offering date of RBLX) to December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 3.24%. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Historical volatility and performance are not indications of what the volatility and performance of RBLX will be in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">future. The volatility of instruments that reflect the value of RBLX, such as swaps, may differ from the volatility of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">RBLX.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of RBLX resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in RBLX, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of RBLX. This would result in a total loss of a shareholder’s investment in one day even if RBLX subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if RBLX</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with RBLX and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RBLX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to RBLX and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RBLX is impacted by RBLX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RBLX at the end of each day. The possibility of the Fund being materially over- or under-exposed to RBLX increases on days when RBLX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RBLX. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with RBLX</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">RBLX, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RBLX. Any of these factors could decrease the correlation between the performance of the Fund and RBLX and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Roblox Corporation is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RBLX and make no representation as to the performance of RBLX. Investing in the Fund is not equivalent to investing in RBLX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RBLX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Roblox Corporation Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Roblox Corporation shares face risks associated with: historical losses may occur in the future; business seasonality; historical rapid growth may not be indicative of future growth; reliance on third-party operating systems and distribution channels; maintenance of brand and reputation; failure to retain and add new users; dependence on developers to develop new content; prolonged power or internet outages would impede business operations; lack of comprehensive encryption; security and data breaches; international expansion is complex; reliance on suppliers of certain components; use of platform for illegal activities; as well as regulatory, tax, insurance, legal and litigation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of RBLX. Significant short-term price movements in RBLX could adversely impact the performance of both RBLX and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of RBLX.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RBLX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the communication services sector and the entertainment industry (the risks of which are described below), the same industry and/or sector to which RBLX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that adversely impact RBLX and/or communication services sector </span><span style="font-family:Arial;font-size:8.645pt;">and the entertainment industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The communication </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Entertainment Industry Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">entertainment industry may be impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. The entertainment industry is regulated, and subject to changes in the rules regarding advertising and the content produced by entertainment companies can increase overall production and distribution costs. Companies in the entertainment industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">content.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">E-Gaming Companies Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> E-Gaming companies may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. E-Gaming companies may be dependent on one, or a small number, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of product or product franchises for a significant portion of their revenue and profits and they may also be subject to shifting consumer preferences, including preferences with respect to gaming console platforms, and changes in consumer discretionary spending. E-Gaming companies may be adversely impacted by government regulations, and may be subject to additional regulatory oversight with regard to privacy concerns and cybersecurity risk. Recently, E-Gaming companies have faced enhanced regulatory scrutiny, and certain regulators have at times suspended the issuance of licenses for new video games. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. These companies could be negatively impacted by disruptions </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in service caused by hardware or software failure.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to RBLX,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RDDT Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of RDDT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RDDT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RDDT, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Reddit, Inc. operates an entertainment, social networking, and news website where registered community members can submit content. The company was founded in 2005 and is headquartered in San Francisco, CA. RDDT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Reddit, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41983 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Reddit, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, RDDT is assigned to the communication services sector and interactive </span><span style="font-family:Arial;font-size:8.645pt;">media &amp; services industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RDDT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the communication services sector and interactive media &amp; services </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RDDT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RDDT is consistent with the Fund’s investment objective. The impact of RDDT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RDDT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RDDT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Reddit, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Reddit, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RDDT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Reddit, Inc. could affect the value of the Fund’s investments with respect to RDDT and therefore </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RDDT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RDDT, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RDDT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the communication services sector and interactive media &amp; services industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the communication services sector and interactive media &amp; services </span><span style="font-family:Arial;font-size:8.645pt;">industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RDDT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RDDT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of RDDT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RDDT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of RDDT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if RDDT provided no return over a one year period during which RDDT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RDDT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RDDT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RDDT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RDDT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RDDT’s annualized historical volatility rate for the period from March 20, 2024 (the offering date of RDDT) to December 31, 2025 was 91.37%. RDDT's highest volatility rate for any one full calendar year for the period from March 20, 2024 (the offering date of RDDT) through December 31, 2025 was 96.45% and volatility for a shorter period of time may have been substantially higher. RDDT’s annualized performance for the period from March 20, 2024 (the offering date of RDDT) to December 31, 2025 was 191.99%. Historical volatility and performance are not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">indications of what the volatility and performance of RDDT will be in the future. The volatility of instruments that reflect the value of RDDT, such as swaps, may differ from the volatility </span><span style="font-family:Arial;font-size:8.645pt;">of RDDT.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of RDDT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in RDDT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of RDDT. This would result in a total loss of a shareholder’s investment in one day even if RDDT subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if RDDT’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">RDDT and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RDDT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to RDDT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RDDT is impacted by RDDT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RDDT at the end of each day. The possibility of the Fund being materially over- or under-exposed to RDDT increases on days when RDDT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RDDT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with RDDT or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to RDDT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RDDT. Any of these factors could decrease the correlation between the performance of the Fund and RDDT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Reddit, Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RDDT and make no representation as to the performance of RDDT. Investing in the Fund is not equivalent to investing in RDDT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to RDDT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of RDDT. Significant short-term price movements in RDDT could adversely impact the performance of both RDDT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of RDDT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RDDT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the communication services sector and interactive media &amp; services industry (the risks of which are described below), the same industry and/or sector to which RDDT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact RDDT and/or communication services sector </span><span style="font-family:Arial;font-size:8.645pt;">and interactive media &amp; services industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The communication </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements, and government regulation. Fluctuating domestic and international demand, shifting demographics, and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information, or disruptions in services, which would have </span><span style="font-family:Arial;font-size:8.645pt;">a material adverse effect on their businesses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to RDDT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily RKLB Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of RKLB. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RKLB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RKLB, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Rocket Lab USA, Inc. is an aerospace company, which engages in the development of rocket launch and control systems for the space and defense industries. The company was founded in 2006 and is headquartered in Long Beach, CA. RKLB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Rocket Lab USA, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39560 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Rocket Lab USA, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, RKLB is assigned to the industrials sector and aerospace &amp; defense </span><span style="font-family:Arial;font-size:8.645pt;">industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RKLB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and </span><span style="font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of RKLB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to RKLB is consistent with the Fund’s investment objective. The impact of RKLB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of RKLB has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of RKLB has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Rocket Lab USA, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Rocket Lab USA, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RKLB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Rocket Lab USA, Inc. could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">RKLB and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of RKLB and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to RKLB, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RKLB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and aerospace &amp; defense industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">hold 25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and </span><span style="font-family:Arial;font-size:8.645pt;">aerospace &amp; defense industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in RKLB that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain RKLB exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of RKLB’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of RKLB during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of RKLB. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of RKLB. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if RKLB provided no return over a one year period during which RKLB experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if RKLB’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if RKLB’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of RKLB and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of RKLB. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">RKLB’s annualized historical volatility rate for the five year period ended December 31, 2025 was 76.66%. RKLB’s highest volatility rate for any one calendar year during the five year period was 87.60% and volatility for a shorter period of time may have been substantially higher. RKLB’s annualized performance for the five-year period ended December 31, 2025 was 47.12%. Historical volatility and performance are not indications of what RKLB volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of RKLB resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in RKLB, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of RKLB. This would result in a total loss of a shareholder’s investment in one day even if RKLB subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if RKLB’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with RKLB and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to RKLB that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to RKLB and therefore achieve its daily leveraged investment objective. The Fund’s exposure to RKLB is impacted by RKLB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to RKLB at the end of each day. The possibility of the Fund being materially over- or under-exposed to RKLB increases on days when RKLB is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability </span><span style="font-family:Arial;font-size:8.645pt;">to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) RKLB. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with RKLB or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to RKLB, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to RKLB. Any of these factors could decrease the correlation between the performance of the Fund and RKLB and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Rocket Lab USA, Inc. is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of RKLB and make no representation as to the performance of RKLB. Investing in the Fund is not equivalent to investing in RKLB. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to RKLB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of RKLB. Significant short-term price movements in RKLB could adversely impact the performance of both RKLB and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of RKLB.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, RKLB, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and aerospace &amp; defense industry (the risks of which are described below), the same industry and/or sector to which RKLB is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact RKLB and/or industrials sector and aerospace &amp; defense </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Aerospace and Defense Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The aerospace </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">and defense industry can be significantly affected by government regulation and spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services. The financial condition of companies in this industry is heavily influenced by government defense spending, which may be reduced in efforts to control government budgets. The aerospace industry in particular has recently been affected by adverse economic conditions and consolidation within </span><span style="font-family:Arial;font-size:8.645pt;">the industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to RKLB, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SBUX Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SBUX. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SBUX and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SBUX, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Starbucks Corporation engages in the production, marketing, and retailing of specialty coffee. The company was founded in 1985, and is headquartered in Seattle, WA. SBUX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-20322 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, SBUX is assigned to the consumer discretionary sector and the hotels, </span><span style="font-family:Arial;font-size:8.645pt;">restaurants &amp; leisure industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SBUX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SBUX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SBUX is consistent with the Fund’s investment objective. The impact of SBUX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SBUX has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SBUX has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Starbucks Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Starbucks Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBUX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Starbucks Corporation could affect the value of the Fund’s investments with respect </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">to SBUX and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SBUX and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SBUX, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SBUX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the consumer discretionary sector and the hotels, restaurants </span><span style="font-family:Arial;font-size:8.645pt;">&amp; leisure industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SBUX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of SBUX’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SBUX during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of SBUX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of SBUX. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if SBUX provided no return over a one year period during which SBUX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SBUX’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SBUX’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SBUX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SBUX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SBUX’s annualized historical volatility rate for the five year period ended December 31, 2025 was 31.20%. SBUX’s highest volatility rate for any one calendar year during the five year period was 36.29% and volatility for a shorter period of time may have been substantially higher. SBUX’s annualized performance for the five-year period ended December 31, 2025 was -2.50%. Historical volatility and performance are not indications of what SBUX volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of SBUX resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SBUX, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of SBUX. This would result in a total loss of a shareholder’s investment in one day even if SBUX subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if SBUX’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SBUX and </span><span style="font-family:Arial;font-size:8.645pt;">may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SBUX that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to SBUX and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SBUX is impacted by SBUX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SBUX at the end of each day. The possibility of the Fund being materially over- or under-exposed to SBUX increases on days when SBUX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SBUX. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with SBUX or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to SBUX, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SBUX. Any of these factors could decrease the correlation between the performance of the Fund and SBUX and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Starbucks Corporation is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SBUX and make no representation as to the performance of SBUX. Investing in the Fund is not equivalent to investing in SBUX. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SBUX.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of SBUX. Significant short-term price movements in SBUX could adversely impact the performance of both SBUX and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of SBUX.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SBUX, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and the hotels, restaurants &amp; leisure industry (the risks of which are described below), the same industry and/or sector to which SBUX is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact SBUX and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Hotels, Restaurants &amp; Leisure Industry Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The hotels, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">restaurants &amp; leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect </span><span style="font-family:Arial;font-size:8.645pt;">companies in the hotels, restaurants &amp; leisure industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to SBUX, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily SONY Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SONY. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SONY and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SONY, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Sony Group Corporation engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. The company was founded in 1946 and is headquartered in Tokyo, Japan. SONY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Sony Group Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06439 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Sony Group Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, SONY is assigned to the consumer discretionary sector and household durables industry. SONY is a Japanese-based company and is traded as an American Depositary Share ("ADR") in the </span><span style="font-family:Arial;font-size:8.645pt;">United States. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SONY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the consumer </span><span style="font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SONY. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SONY is consistent with the Fund’s investment objective. The impact of SONY’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SONY has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SONY has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including </span><span style="font-family:Arial;font-size:8.645pt;">the value of the collateral received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Sony Group Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Sony Group Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SONY have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Sony Group Corporation could affect the value of the Fund’s investments with respect to SONY and therefore the value </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of SONY and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to SONY, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SONY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer discretionary sector and household durables industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investments that provide leveraged exposure in the consumer </span><span style="font-family:Arial;font-size:8.645pt;">discretionary sector and household durables industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in SONY that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain SONY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of SONY’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SONY during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of SONY. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of SONY. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if SONY provided no return over a one year period during which SONY experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SONY’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if SONY’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SONY and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SONY. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">SONY’s annualized historical volatility rate for the five year period ended December 31, 2025 was 29.06%. SONY’s highest volatility rate for any one calendar year during the five year period was 33.26% and volatility for a shorter period of time may have been substantially higher. SONY’s annualized performance for the five-year period ended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, 2025 was 5.99%. Historical volatility and performance are not indications of what SONY volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of SONY resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SONY, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of SONY. This would result in a total loss of a shareholder’s investment in one day even if SONY subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if SONY’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">SONY and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to SONY that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to SONY and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SONY is impacted by SONY’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SONY at the end of each day. The possibility of the Fund being materially over- or under-exposed to SONY increases on days when SONY is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SONY. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with SONY or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to SONY, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SONY. Any of these factors could decrease the correlation between the performance of the Fund and SONY and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Sony Group Corporation is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of SONY and make no representation as to the performance of SONY. Investing in the Fund is not equivalent to investing in SONY. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to SONY.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of SONY. Significant short-term price movements in SONY could adversely impact the performance of both SONY and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of SONY.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, SONY, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer discretionary sector and household durables industry (the risks of which are described below), the same industry and/or sector to which SONY is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact SONY and/or consumer discretionary sector </span><span style="font-family:Arial;font-size:8.645pt;">and household durables industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Because companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the consumer discretionary sector manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, and inflation competition and consumer confidence. Success depends heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary sector may be subject to intense competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success </span><span style="font-family:Arial;font-size:8.645pt;">of, consumer discretionary products in the marketplace.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Japanese Economy Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - The growth of Japan’s economy </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">has lagged that of its Asian neighbors and other major developed countries. Since 2000, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economy is characterized by government intervention and protectionism, an unstable financial services sector, changes in its labor market, and is heavily dependent on international trade and has been adversely affected by trade tariffs and competition from emerging economies. As such, economic growth is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. Any changes or trends in these economic factors could have a significant impact on Japan’s economy overall and may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">negatively affect the Fund’s investment. Japan’s economy is also closely tied to its two largest trading partners, the U.S. and China. Economic volatility in either nation may create volatility in Japan’s economy as well. Additionally, Japan’s relations with its neighbors, particularly China, North Korea, South Korea and Russia, have at times been strained due to territorial disputes, historical animosities and national </span><span style="font-family:Arial;font-size:8.645pt;">security concerns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">American Depositary Receipt (“ADRs”) Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> ADRs are </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">an equity security issued by a U.S. bank or broker that represents one or more shares of a foreign-company stock held by the U.S. bank in the foreign company’s home stock market. ADRs may be listed on a major U.S. stock exchange or may be traded over the counter and are generally denominated in U.S. dollars. Because ADRs are issued by non-U.S. companies, they are subject to various foreign investment risks. These risks include the risk that the currency in the issuing company’s country will drop relative to the U.S. dollar, that politics or regime changes in the issuing company’s country will undermine exchange rates or destabilize the company and its earnings, or that inflation in the issuing company’s country will erode the value of the foreign currency. Additionally, investors may not have access to the same amount of information about the company </span><span style="font-family:Arial;font-size:8.645pt;">that is available about domestic companies.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to SONY, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily TGT Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TGT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TGT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TGT, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Target Corporation engages in the operation and ownership of general merchandise stores. It offers food and general merchandise, clothing and household goods, electronics, and toys. The company was founded in 1902 and is headquartered in Minneapolis, MN. TGT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Target Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-6049 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Target Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, TGT is assigned to the consumer staples </span><span style="font-family:Arial;font-size:8.645pt;">sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TGT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TGT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TGT is consistent with the Fund’s investment objective. The impact of TGT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TGT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of TGT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Target Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Target Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TGT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Target Corporation could affect the value of the Fund’s investments with respect to </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">TGT and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of TGT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to TGT, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TGT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in TGT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain TGT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of TGT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TGT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of TGT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of TGT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if TGT provided no return over a one year period during which TGT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if TGT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if TGT’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TGT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of TGT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">TGT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 35.20%. TGT’s highest volatility rate for any one calendar year during the five year period was 48.35% and volatility for a shorter period of time may have been substantially higher. TGT’s annualized performance for the five-year period ended December 31, 2025 was -8.62%. Historical volatility and performance are not indications of what TGT volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of TGT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in TGT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of TGT. This would result in a total loss of a shareholder’s investment in one day even if TGT subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if TGT’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TGT and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to TGT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to TGT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TGT is impacted by TGT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TGT at the end of each day. The possibility of the Fund being materially over- or under-exposed to TGT increases on days when TGT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TGT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with TGT or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to TGT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to TGT. Any of these factors could decrease the correlation between the performance of the Fund and TGT and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Target Corporation is not affiliated </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of TGT and make no representation as to the performance of TGT. Investing in the Fund is not equivalent to investing in TGT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to TGT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of TGT. Significant short-term price movements in TGT could adversely impact the performance of both TGT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of TGT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, TGT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which TGT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact TGT and/or consumer staples sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="font-family:Arial;font-size:8.645pt;">factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to TGT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UAL Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UAL. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UAL, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">United Airlines Holdings, Inc. is a holding company, which engages in the provision of transportation services. It operates through the following geographical segments: Domestic, Atlantic, Pacific, and Latin America. The company was founded in 1968 and is headquartered in Chicago, IL. UAL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by United Airlines Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06033 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding United Airlines Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, UAL is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the industrials sector and airline industry. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UAL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UAL is consistent with the Fund’s investment objective. The impact of UAL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UAL has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UAL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding United Airlines Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding United Airlines Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UAL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning United Airlines Holdings, Inc. could affect the value of the Fund’s investments with respect to UAL and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UAL and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UAL, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and airlines industry (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">more of its total assets in investments that provide leveraged </span><span style="font-family:Arial;font-size:8.645pt;">exposure in the industrials sector and airlines industry).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UAL that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UAL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of UAL’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UAL during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UAL. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of UAL. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if UAL provided no return over a one year period during which UAL experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UAL’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if UAL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UAL and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of UAL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UAL’s annualized historical volatility rate for the five year period ended December 31, 2025 was 48.04%. UAL’s highest volatility rate for any one calendar year during the five year period was 55.96% and volatility for a shorter period of time may have been substantially higher. UAL’s annualized performance for the five-year period ended December 31, 2025 was 20.91%. Historical volatility and performance are not indications of what UAL volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of UAL resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in UAL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of UAL. This would result in a total loss of a shareholder’s investment in one day even if UAL subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if UAL’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UAL and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UAL that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to UAL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UAL is impacted by UAL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UAL at the end of each day. The possibility of the Fund being materially over- or under-exposed to UAL increases on days when UAL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UAL. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with UAL or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to UAL, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UAL. Any of these factors could decrease the correlation between the performance of the Fund and UAL and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> United Airlines Holdings, Inc. is not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UAL and make no representation as to the performance of UAL. Investing in the Fund is not equivalent to investing in UAL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions </span><span style="font-family:Arial;font-size:8.645pt;">or any other rights with respect to UAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of UAL. Significant short-term price movements in UAL could adversely impact the performance of both UAL and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of UAL.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UAL, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and airlines industry (the risks of which are described below), the same industry and/or sector to which UAL is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that adversely impact UAL and/or </span><span style="font-family:Arial;font-size:8.645pt;">industrials sector and airlines industry.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Airline Industry Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Due to the discretionary nature of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">business and leisure travel spending, airline industry revenues are heavily influenced by the condition of the U.S. economy and economies in other regions of the world. Airline companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs, and/or changes in labor relations and insurance costs. Airline companies may also be highly dependent on aircraft or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft or equipment (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">e.g</span><span style="font-family:Arial;font-size:8.645pt;">., the inability of a supplier to meet aircraft demand </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of airline companies. In addition, the airline industry may be significantly affected by domestic and foreign acts of terrorism, pandemics, and a wide range of social and economic disruptions, including closed borders. Such disruptions may continue for an extended period of time or reoccur in the </span><span style="font-family:Arial;font-size:8.645pt;">future to a similar or greater extent.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to UAL, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily UBER Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UBER. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UBER and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UBER, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Uber Technologies, Inc. is a technology platform, which engages in the development and operation of technology applications, networks, and product to power movement from point A to point B. The firm offers ride services and merchants delivery service in 2009 and is headquartered in San Francisco, California. UBER is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Broadcom Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38902 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Uber Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, UBER is assigned to the industrials sector and transportation industry. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UBER exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and the transportation industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transportation industry).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UBER. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UBER is consistent with the Fund’s investment objective. The impact of UBER’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UBER has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of UBER has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Uber Technologies Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Uber Technologies Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UBER have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Uber Technologies Inc. could affect the value of the Fund’s investments with respect </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">to UBER and therefore the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of UBER and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to UBER, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UBER exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the industrials sector and the transportation industry (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">25% or more of its total assets in investments that provide leveraged exposure in the industrials sector and the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transportation industry).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in UBER that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain UBER exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of UBER’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UBER during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of UBER. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of UBER. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if UBER provided no return over a one year period during which UBER experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if UBER’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if UBER’s annualized volatility is 100%, </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UBER and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of UBER. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">UBER’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 46.22%. UBER’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was </span><span style="font-family:Arial;font-size:8.645pt;">63.76% and volatility for a shorter period of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">time may have been substantially higher. UBER’s annualized performance for the five-year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 9.88%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what UBER volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of UBER resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in UBER, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of UBER. This would result in a total loss of a shareholder’s investment in one day even if UBER subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if UBER</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with UBER and </span><span style="font-family:Arial;font-size:8.645pt;">may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to UBER that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to UBER and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UBER is impacted by UBER’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UBER at the end of each day. The possibility of the Fund being materially over- or under-exposed to UBER increases on days when UBER is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UBER. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with UBER</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">UBER, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to UBER. Any of these factors could decrease the correlation between the performance of the Fund and UBER and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Uber Technologies Inc. is not affiliated </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of UBER and make no representation as to the performance of UBER. Investing in the Fund is not equivalent to investing in UBER. Fund shareholders will not have voting rights or rights to receive dividends or other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">distributions or any other rights with respect to UBER.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Uber Technologies, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Uber Technologies, Inc. shares face risks associated with: classification of drivers; highly competitive industry; fares may need to be lowered in certain areas to remain competitive; significant losses have been incurred and may be in the future; inability to attract and retain drivers; maintaining and enhancing brand; platform users may engage in illegal activities; operation outside the United States is a large portion of business operations; significant fluctuations in operation results; inability to provide transportation to the airports in large metropolitan areas would adversely impact business; security or data breaches, cybersecurity attacks; inability to introduce new technologies; some users paying in cash increases regulatory concerns; allowing payment via credit card is instrumental to business operations; evolving nature of climate change, regulations and use of artificial intelligence; as well as regulatory, tax, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of UBER. Significant short-term price movements in UBER could adversely impact the performance of both UBER and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">due to the volatility of UBER.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, UBER, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the industrials sector and the transportation industry (the risks of which are described below), the same industry and/or sector to which UBER is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">referencing </span><span style="font-family:Arial;font-size:8.645pt;">one security and industry, it should be expected </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to decrease from any market movements that adversely impact UBER and/or industrials sector and the transportation </span><span style="font-family:Arial;font-size:8.645pt;">industry.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Stock prices of issuers in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products and services in general. Government regulation, world events including trade disputes, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of investment in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies which are typically under pressure from efforts to control government spending budgets. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by climate </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">transition risks.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Transportation Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - Companies in the transportation </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">industry may be adversely affected by changes in the economy, increases in fuel and operating costs, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation. Global or regional events and conditions may materially disrupt or indefinitely impair the operations, financial condition and liquidity of companies in the transportation industry. Securities of companies in the transportation industry are generally cyclical and occasionally subject to sharp price </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">movements.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to UBER,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily V Bull 2X Shares</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of V. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The Fund </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of V and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to V, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument in which the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund most commonly invests is swap agreements, which are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Visa Inc. is a financial services company in business since 1958. Visa Inc. is focused on facilitating global commerce and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies. V is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Visa Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33977 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Visa Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, V is assigned to the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain V exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the financials sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of V. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to V is consistent with the Fund’s investment objective. The impact of V’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of V has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of V has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Visa Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Visa Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of V have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Visa Inc. could affect the value of the Fund’s investments with respect to V and therefore the </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of V and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to V, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain V exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the financials sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in V that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain V exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of V’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of V during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">e) other Fund expenses; and f) dividends or interest paid with respect to securities of V. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of V. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if V provided no return over a one year period during which V experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if V’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">if V’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas shaded red (or dark gray) </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">represent those scenarios where the Fund can be expected to return less than 200% of the performance of V and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of V. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” </span><span style="font-family:Arial;font-size:8.645pt;">below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">V’s annualized historical volatility rate for the five year period ended December 31, 2025 was 22.68%. V’s highest volatility rate for any one calendar year during the five year period was 30.82% and volatility for a shorter period of time may have been substantially higher. V’s annualized performance for the five-year period ended December 31, 2025 was 10.70%. Historical volatility and performance are not indications of </span><span style="font-family:Arial;font-size:8.645pt;">what V volatility and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of V resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in V, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of V. This would result in a total loss of a shareholder’s investment in one day even if V subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if V’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with V and may increase </span><span style="font-family:Arial;font-size:8.645pt;">the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to V that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to V and therefore achieve its daily leveraged investment objective. The Fund’s exposure to V is impacted by V’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to V at the end of each day. The possibility of the Fund being materially over- or under-exposed to V increases on days when V is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure </span><span style="font-family:Arial;font-size:8.645pt;">to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) V. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with V or increase its required </span><span style="font-family:Arial;font-size:8.645pt;">distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to V, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to V. Any of these factors could decrease the correlation between the performance of the Fund and V and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that </span><span style="font-family:Arial;font-size:8.645pt;">day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Visa Inc. is not affiliated with the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of V and make no representation as to the performance of V. Investing in the Fund is not equivalent to investing in V. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to </span><span style="font-family:Arial;font-size:8.645pt;">V.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of V. Significant short-term price movements in V could adversely impact the performance of both V and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="font-family:Arial;font-size:8.645pt;">volatility of V.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, V, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which V is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact V and/or financials sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to V, change its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective, reduce its exposure for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">High Portfolio Turnover Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Daily rebalancing of the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover </span><span style="font-family:Arial;font-size:8.645pt;">rate would be significantly higher.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily WMT Bull 2X ETF</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of WMT. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of WMT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to WMT, consistent with the Fund’s investment objective.</span><span style="font-family:Arial;font-size:8.645pt;"> The financial instrument </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in which the Fund most commonly invests is swap agreements, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">which are intended to produce economically leveraged </span><span style="font-family:Arial;font-size:8.645pt;">investment results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Walmart Inc. engages in the retail and wholesale business. The company was founded in 1962 and is headquartered in Bentonville, AR. WMT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Walmart Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-06991 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Walmart Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of January 31, 2026, WMT is </span><span style="font-family:Arial;font-size:8.645pt;">assigned to the consumer staples sector. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain WMT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of WMT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to WMT is consistent with the Fund’s investment objective. The impact of WMT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of WMT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of WMT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. In addition, on a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received). </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Walmart Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Walmart Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of WMT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Walmart Inc. could affect the value of the Fund’s investments with respect to WMT </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">and therefore the value of the Fund.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of WMT and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to WMT, consistent with the Fund’s investment objective.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain WMT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the consumer staples sector (</span><span style="font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">assets in investments that provide leveraged exposure in </span><span style="font-family:Arial;font-size:8.645pt;">the consumer staples sector).</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in WMT that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain WMT exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of WMT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of WMT during the shareholder’s holding period. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of WMT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="font-family:Arial;font-size:8.645pt;">of WMT. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if WMT provided no return over a one year period during which WMT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if WMT’s return is flat. </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">For instance, if WMT’s annualized volatility is 100%, </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="font-family:Arial;font-size:8.645pt;"> Areas </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of WMT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of WMT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors </span><span style="font-family:Arial;font-size:8.645pt;">discussed above or in “Daily Correlation Risk” below.</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">WMT’s annualized historical volatility rate for the five year period ended December 31, 2025 was 20.89%. WMT’s highest volatility rate for any one calendar year during the five year period was 27.09% and volatility for a shorter period of time may have been substantially higher. WMT’s annualized performance for the five-year period ended December 31, 2025 was 19.92%. Historical volatility and performance are not indications of what WMT volatility </span><span style="font-family:Arial;font-size:8.645pt;">and performance will be in the future.</span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Risks of the Funds" in the Fund’s Statement of Additional </span><span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of WMT resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in WMT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of WMT. This would result in a total loss of a shareholder’s investment in one day even if WMT subsequently reverses all or a portion of its previous movement prior to the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if WMT’s value does not move fully opposite from the Fund’s investment objective. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with </span><span style="font-family:Arial;font-size:8.645pt;">WMT and may increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may not meet its investment objective for a period of time, may increase its transaction fee on creation unit transactions, change its </span><span style="font-family:Arial;font-size:8.645pt;">investment objective, reduce its leverage or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. If the underlying security has a dramatic intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in other derivatives to achieve its investment objective. This may occur even if the underlying security reverses all or a </span><span style="font-family:Arial;font-size:8.645pt;">portion of its intraday movement by the end of the day. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to WMT that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="font-family:Arial;font-size:8.645pt;">objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to WMT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to WMT is impacted by WMT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to WMT at the end of each day. The possibility of the Fund being materially over- or under-exposed to WMT increases on days when WMT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the </span><span style="font-family:Arial;font-size:8.645pt;">Fund’s ability to adjust exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) WMT. The Fund may be required to trade more frequently or may refrain from taking certain positions to ensure compliance with regulatory restrictions or to ensure qualification as a registered investment company or to improve tax efficiency, or for other reasons, each of which may negatively impact the Fund’s desired correlation with WMT or increase its </span><span style="font-family:Arial;font-size:8.645pt;">required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to WMT, resulting in the Fund not performing as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to WMT. Any of these factors could decrease the correlation between the performance of the Fund and WMT and may hinder the Fund’s ability to meet its daily leveraged investment objective </span><span style="font-family:Arial;font-size:8.645pt;">on or around that day.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Walmart Inc. is not affiliated with </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of WMT and make no representation as to the performance of WMT. Investing in the Fund is not equivalent to investing in WMT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other </span><span style="font-family:Arial;font-size:8.645pt;">rights with respect to WMT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of WMT. Significant short-term price movements in WMT could adversely impact the performance of both WMT and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options </span><span style="font-family:Arial;font-size:8.645pt;">due to the volatility of WMT.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, WMT, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the consumer staples sector (the risks of which are described below), the same industry and/or sector to which WMT is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in instruments referencing one security and industry, it should be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact WMT and/or consumer staples sector.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Consumer staples companies </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Also, the success of food, beverages, household and personal product companies may be strongly affected by changing consumer tastes and/or interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending. In particular, tobacco companies may be adversely affected by new laws, regulations and litigation. The consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced or characterized by unpredictable </span><span style="font-family:Arial;font-size:8.645pt;">factors.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, utilize derivatives instruments that are less correlated to WMT, change its investment objective, reduce its exposure for a period of </span><span style="font-family:Arial;font-size:8.645pt;">time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close early and unexpectedly or issue trading halts on specific securities or financial instruments. Under such circumstances, the Fund may be unable to execute intended portfolio transactions, rebalance its portfolio, or accurately price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="font-family:Arial;font-size:8.645pt;">more information.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="font-family:Arial;font-size:8.645pt;">increase.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="font-family:Arial;font-size:8.645pt;"> or by </span><span style="font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="font-family:Arial;font-size:8.645pt;">.</span> <span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> <span style="color:#FFFFFF;font-family:Arial;font-size:8.645pt;margin-left:0.0pt;">Direxion Daily XYZ Bull 2X ETF</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of XYZ. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">The </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Fund does not seek to achieve its stated investment objective </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">for a period of time different than a trading day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">reflected in the table and example below</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0000 0.0022 0.0002 0.0099 -0.0002 0.0097 <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:7.60pt;">Estimated for the Fund's current fiscal year.</span> <span style="font-family:Arial;font-size:7.60pt;">September 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Example - </span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">This example is intended to help you compare </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">based on these assumptions your costs would be:</span> 99 313 <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of XYZ and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to XYZ, consistent with the Fund’s investment objective.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> The financial instrument in which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund most commonly invests is swap agreements</span><span style="font-family:Arial;font-size:8.645pt;">, which </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">are intended to produce economically leveraged investment </span><span style="font-family:Arial;font-size:8.645pt;">results.</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Block, Inc. engages in creating ecosystems for distinct customer audiences. It operates through the Square and Cash App segments. The Square segment provides businesses the ability to accept card payments. The Cash App segment offers an ecosystem of financial products and services to help consumers manage their money. The company was founded in February 2009 and is headquartered in Oakland, California. XYZ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Block, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37622 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Block, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. As of </span><span style="font-family:Arial;font-size:8.645pt;">January 31, 2026, XYZ is assigned to the financials sector. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain XYZ exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of XYZ. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to XYZ is consistent with the Fund’s investment objective. The impact of XYZ’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of XYZ has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of XYZ has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. </span><span style="font-family:Arial;font-size:8.645pt;">In addition, on a day-to-day basis, the </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral </span><span style="font-family:Arial;font-size:8.645pt;">received).</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">The Fund has derived all disclosures contained in this document regarding Block, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Block, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of XYZ have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Block, Inc. could affect the value of the Fund’s investments with respect to XYZ and therefore </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">the value of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">a single day.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of XYZ and financial instruments, such as swap agreements and options, that, in combination, provide 2X daily leveraged exposure to XYZ, consistent with the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain XYZ exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> As a result of its </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment strategies, the Fund will be concentrated in the financials sector (</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;font-style:italic;">i.e</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">., hold 25% or more of its total assets </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in investments that provide leveraged exposure in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">financials sector).</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund will enter into one or more swap agreements with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return earned on an investment by the Fund in XYZ that is equal, on a daily basis, to 200% of the value of the Fund's net assets. The Adviser attempts to consistently apply leverage to obtain XYZ exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;">Effects of Compounding and Market Volatility Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;line-height:10.925pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:2.38pt;">— </span> <div> </div><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is likely to differ from 200% of XYZ’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of XYZ during the shareholder’s holding period. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) volatility; b) performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to securities of XYZ. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Actual Fund returns are expected to vary from these estimates. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">of XYZ. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">As shown in the chart below, the Fund would be expected to lose 6.1% if XYZ provided no return over a one year period during which XYZ experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if XYZ’s return is flat. </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">For </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">instance, if XYZ’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Areas shaded red </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">(or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of XYZ and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of XYZ. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">in “Daily Correlation Risk” below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">200%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Volatility Rate</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">Return</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">75%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-84.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-87.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-94.1%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-75.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-80.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-85.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-90.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-64.4%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-66.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-79.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-86.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-51.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-54.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-61.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-72.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-82.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.6%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-39.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-50.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-76.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-23.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-36.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-53.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-70.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-1.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-6.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-22.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-43.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-63.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">10%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">19.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-31.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-55.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">42.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">35.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-18.0%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-47.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">30%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">67.3%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">58.8%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-3.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-37.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">80%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94.0%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84.1%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">52.6%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.7%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-27.9%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">50%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">122.8%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">111.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">75.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28.2%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-17.2%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">60%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.00pt;">120%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">153.5%</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">140.5%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">99.4%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">45.9%</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">-5.8%</span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">XYZ’s annualized historical volatility rate for the five year period ended December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was 60.36%. XYZ’s highest </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">volatility rate for any one calendar year during the five year period was 88.59% and volatility for a shorter period of time may have been substantially higher. XYZ’s annualized performance for the five-year period ended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">December 31, </span><span style="font-family:Arial;font-size:8.645pt;">2025 was (21.44)%. Historical volatility and </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">performance are not indications of what XYZ volatility and </span><span style="font-family:Arial;font-size:8.645pt;">performance will be in the future.</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;margin-left:0.00%;">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies” in the Fund’s statutory prospectus, and "Leverage - Special Note Regarding the Correlation Risks of the Funds" in the Fund’s Statement of Additional </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Information under “Investment Policies and Techniques.”</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Leverage Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund obtains investment exposure </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund typically results in the magnification of a decline in the daily performance of XYZ resulting in a larger loss being incurred than if there was no leverage utilized. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in XYZ, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50% of XYZ. This would result in a total loss of a shareholder’s investment in one day even if XYZ subsequently reverses all or a portion of its previous </span><span style="font-family:Arial;font-size:8.645pt;">movement prior to </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the end of the day. A total loss of a shareholder’s investment in the Fund may occur in a single day even if XYZ</span><span style="font-family:Arial;font-size:8.645pt;">’s value </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">does not move fully opposite from the Fund’s investment objective</span><span style="font-family:Arial;font-size:8.645pt;">. Leverage will also have the effect of magnifying </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">any differences in the Fund’s correlation with XYZ and may </span><span style="font-family:Arial;font-size:8.645pt;">increase the volatility of the Fund. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Under market circumstances that cause leverage to be expensive or unavailable, the Fund may </span><span style="font-family:Arial;font-size:8.645pt;">not meet its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective for a period of time, may </span><span style="font-family:Arial;font-size:8.645pt;">increase its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">transaction fee</span><span style="font-family:Arial;font-size:8.645pt;"> on creation unit transactions, change its investment objective, reduce its leverage or close.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Derivatives Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Derivatives are financial instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation and legal restrictions. The performance of a derivative may not track the performance of its reference asset for various reasons, including due to fees and other </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">costs associated with it. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the value of an investment in the Fund may change quickly and without warning. If </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security has a dramatic </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intraday increase or decrease that causes a material change in the Fund’s performance and/or net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close the swap agreement with the Fund. In that event, the Fund may not be able to enter into another swap agreement or invest in other derivatives to achieve its investment objective. This may occur even if </span><span style="font-family:Arial;font-size:8.645pt;">the underlying security reverses all or a portion of its intraday movement by the end of the day. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Upon entering into certain derivatives contracts, such as swap agreements, and to maintain open positions in such agreements, the Fund may be required to post collateral, the amount of which may vary. As such, the Fund may maintain cash balances, which may be significant, with service providers such as the Fund’s custodian or its affiliates in segregated accounts. Maintaining larger cash and cash equivalent positions may also subject the Fund to additional risks, such as increased credit risk with respect to the custodian </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">bank holding the assets.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Counterparty Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">If a counterparty is unwilling or unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty, the Fund will lose money and/or not </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">be able to meet its daily leveraged investment objective. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund</span><span style="font-family:Arial;font-size:8.645pt;">. The risk that no suitable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">counterparties will enter into or continue to provide swap exposure to the Fund may be heightened when there is significant volatility in the overall market or the reference </span><span style="font-family:Arial;font-size:8.645pt;">asset.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Rebalancing Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> If for any reason the Fund is unable </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective which may lead to greater losses or reduced gains. In these instances, the Fund may have investment exposure to XYZ that is significantly greater or significantly less than its stated investment objective. Additionally, the Fund may close to purchases and sales of Shares prior to the close of trading on the Nasdaq or other national securities listing </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exchanges where Shares are listed and incur significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Intra-Day Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">— The intra-day performance </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">objective. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may not meet its investment objective</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">or may be unable </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">to rebalance its portfolio appropriately, </span><span style="font-family:Arial;font-size:8.645pt;">resulting in significant </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">losses or reduced gains. In response to significant intraday market volatility, among other actions,</span><span style="font-family:Arial;font-size:8.645pt;line-height:10.925pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">the Adviser may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">determine to trade a portion or all of the rebalance trade for the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened </span><span style="font-family:Arial;font-size:8.645pt;">bid-ask spreads.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Daily Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> - There is no guarantee that the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">will achieve a high degree of correlation to XYZ and therefore achieve its daily leveraged investment objective. The Fund’s exposure to XYZ is impacted by XYZ’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to XYZ at the end of each day. The possibility of the Fund being materially over- or under-exposed to XYZ increases on days when XYZ is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">exposure to the required levels. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) XYZ. The Fund may </span><span style="font-family:Arial;font-size:8.645pt;">be required to trade more frequently or may </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">refrain from taking </span><span style="font-family:Arial;font-size:8.645pt;">certain positions to ensure compliance </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">with regulatory restrictions or to ensure qualification as a registered investment company or to</span><span style="font-family:Arial;font-size:8.645pt;"> improve tax efficiency, or for other reasons, each of which may negatively impact </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">the Fund’s desired correlation with XYZ</span><span style="font-family:Arial;font-size:8.645pt;"> or increase its required distributions. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The derivative instruments or other investments the Fund utilizes to obtain exposure may not provide the expected correlation to </span><span style="font-family:Arial;font-size:8.645pt;">XYZ, resulting in the Fund not performing </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">as expected. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to XYZ. Any of these factors could decrease the correlation between the performance of the Fund and XYZ and may hinder the Fund’s ability to meet its daily leveraged investment objective on </span><span style="font-family:Arial;font-size:8.645pt;">or around that day.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund’s investments are subject to changes </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, geopolitical events, tariffs, trade wars, natural disasters, and public health risks. Interest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">rates and inflation rates may change frequently and drastically due to various factors and the Fund’s investments may be </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adversely impacted. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">The economic, fiscal, monetary and foreign policies of the U.S. government, including the imposition of tariffs, changes to its federal agencies and changes to regulatory policies, will impact the U.S. economy and could lead to increased market volatility and may adversely impact the overall market </span><span style="font-family:Arial;font-size:8.645pt;">and individual securities.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Affiliation Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Block, Inc. is not affiliated with the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of XYZ and make no representation as to the performance of XYZ. Investing in the Fund is not equivalent to investing in XYZ. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">respect to XYZ.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Block, Inc. Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">– Issuer-specific attributes may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, Block, Inc. shares face risks associated with: slowing of growth rates; generation of significant net losses; maintenance of brand and reputation; attempts to expand may not succeed; long term success relies on development of new products; intense competition; developments in cryptocurrencies subject the business to additional risks; integration of Afterpay; risks of TIDAL and the music industry; risks of the banking ecosystem; required capital may not be available; data breaches and cybersecurity attacks; software errors; system failures; reliance on payment card networks; reliance on third-party systems; ability to retain and attract key personnel; limited number of available suppliers; as well </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">as regulatory, tax, insurance, legal and litigation issues.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Security Volatility Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">is designed to correlate to the leveraged performance of XYZ. Significant short-term price movements in XYZ could adversely impact the performance of both XYZ and the Fund, increase the Fund’s bid-ask spread and adversely impact the Fund’s ability to achieve its investment objective. In addition, the net asset value of the Fund over short-term periods may be more volatile than other investment options due to the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">volatility of XYZ.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Concentration Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund will be concentrated in </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a particular security, XYZ, and therefore, a particular industry and will have more than 25% of its total assets in investments that provide leveraged exposure to the financials sector (the risks of which are described below), the same industry and/or sector to which XYZ is assigned. Since the Fund is concentrated in a particular security and therefore industry and/or sector, it presents more risks than a portfolio broadly diversified over several industries. A portfolio invested in multiple securities and industries typically presents less risk than a portfolio concentrated in one security or industry </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">because market changes that adversely impact one security or industry may benefit others. Because the Fund only invests in </span><span style="font-family:Arial;font-size:8.645pt;">instruments referencing one security and industry, it should </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">be expected to decrease from any market movements that </span><span style="font-family:Arial;font-size:8.645pt;">adversely impact XYZ and/or financials sector.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;">Performance of companies in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">financials sector may be materially impacted by many factors, including but not limited to, government regulations, economic conditions, credit rating downgrades, changes in interest rates and decreased liquidity in credit markets. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. Government regulation may change frequently and may have significant adverse consequences for financial companies, including effects that are not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financials sector as a whole, cannot be predicted. Traditional financial companies may face competition from decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. The financials sector is also a target for cyber attacks and may experience technology malfunctions and disruptions, which have occurred </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more frequently in recent years.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Money Market Instrument Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> The Fund may use a </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">may lose money.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Large-Capitalization Company Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">affect the companies’ returns.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Liquidity Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Holdings of the Fund may be difficult to </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">buy or sell or may be illiquid, particularly during times of market turmoil. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving its investment objective. In certain market conditions the Fund may be one of many market participants that is attempting to transact in the underlying security. Under such circumstances, the market for the underlying security may lack sufficient liquidity for all market participants' trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund's transactions could exacerbate illiquidity and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">price volatility. </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may be unable to rebalance its exposure properly which may result in significantly more or less exposure and losses to the Fund. In such an instance, the Fund may increase its transaction fee, </span><span style="font-family:Arial;font-size:8.645pt;">utilize derivatives </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">instruments that are less correlated to XYZ,</span><span style="font-family:Arial;font-size:8.645pt;"> change its </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">investment objective, reduce its exposure </span><span style="font-family:Arial;font-size:8.645pt;">for a period of time or close.</span> <span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Early Close/Trading Halt Risk </span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="font-family:Arial;font-size:8.645pt;">An exchange or market </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">may close </span><span style="font-family:Arial;font-size:8.645pt;">early and unexpectedly or issue trading halts on </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">specific securities or financial instruments. Under such circumstances, the Fund may be unable to </span><span style="font-family:Arial;font-size:8.645pt;">execute intended </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">portfolio transactions</span><span style="font-family:Arial;font-size:8.645pt;">, rebalance its portfolio, or accurately </span><span style="font-family:Arial;font-size:8.645pt;margin-left:0.00%;">price its investments, and may disrupt the Fund’s creation/redemption process which means the Fund may be unable to achieve its investment objective and it may </span><span style="font-family:Arial;font-size:8.645pt;">incur substantial losses or reduced gains.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Equity Securities Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">Publicly issued equity securities, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund to fluctuate.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Cash Transaction Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Unlike most ETFs, the Fund currently </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage and financing costs related to buying and selling securities and/or obtaining short derivative exposure to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">the Fund’s net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Tax Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> In order to qualify for the special tax treatment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Dividends, Other Distributions and Taxes” in the Statement of Additional Information for </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">more information.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Non-Diversification Risk </span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;line-height:10.925pt;margin-left:2.38pt;"> </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund has the ability to invest </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer, the credit of a single counterparty, and/or </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">a single economic, political or regulatory event.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Securities Lending Risk</span><span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:2.38pt;">—</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:2.38pt;"> Securities lending involves the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities, a decline in the value of any investments made with cash collateral, or a “gap” between the return on cash collateral reinvestments and any fees the Fund has agreed to pay a borrower. These events could also trigger </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">adverse tax consequences for the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Authorized Participants Concentration Risk. </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">The Fund may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">have a limited number of financial institutions that may act as Authorized Participants. To the extent that those Authorized Participants exit the business or are unable to process creation and/or redemption orders, Shares may trade at larger bid-ask spreads and/or premiums or discounts to net asset value. Authorized Participant concentration risk may be heightened for a fund that invests in non-U.S. securities or other securities or instruments that have lower </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">trading volumes.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Absence of Active Market Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Although Shares are listed </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">for trading on a stock exchange, there is no assurance that an active trading market for them will develop or be maintained. In the absence of an active trading market for Shares, they will likely trade with a wider bid/ask spread </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">and at a greater premium or discount to net asset value.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Market Price Variance Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Fund Shares can be bought and </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">sold in the secondary market at market prices, which may be higher or lower than the net asset value of the Fund. When Shares trade at a price greater than net asset value, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">they are said to trade at a “premium.” When they trade at a price less than net asset value, they are said to trade at a “discount.” The market price of Shares fluctuates based on changes in the value of the Fund’s holdings, the supply and demand for Shares and other market factors. The market price of Shares may vary significantly from the Fund’s net asset value especially during times of market volatility or stress. Further, to the extent that exchange specialists, market makers, Authorized Participants, or other market participants are unavailable or unable to trade the Fund’s Shares and/or create or redeem Creation Units premiums or discounts may </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Trading Cost Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> When buying or selling Shares in the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">secondary market, a buyer may incur brokerage commission or other charges. In addition, a buyer may incur the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, trading volume, market liquidity and market volatility. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Exchange Trading Risk.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Shares are listed for trading on the </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">Nasdaq. They also may be listed or traded on other U.S. and non-U.S. stock exchanges and may trade on electronic communication networks. Trading in Shares on their listing exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in Shares inadvisable, including if they fail to meet the listing requirements of the exchange. Under certain circumstances, Shares may even be delisted. Trading halts of Shares should be expected to disrupt the Fund’s creation/redemption process and may temporarily prevent investors from buying and selling Shares. Like other listed securities, Shares of the Fund may be sold short, and short positions in Shares may place </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">downward pressure on their market price.</span> <span style="color:#000000;font-family:Arial;font-size:9.025pt;font-weight:bold;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> Upon commencement of operations, </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">updated performance will be available on the Fund’s website at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;"> or by </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">calling the Fund toll-free at </span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span><span style="color:#000000;font-family:Arial;font-size:8.645pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;margin-left:0.00%;">No prior investment performance is provided for the Fund because it had not commenced operations prior to the date of this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">www.direxion.com/etfs?producttab=performance</span> <span style="color:#000000;font-family:Arial;font-size:8.645pt;">(866) 476-7523</span> Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees. Estimated for the Fund's current fiscal year. Rafferty Asset Management, LLC (“Rafferty” or the “Adviser”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses).Any expense waiver or reimbursement is subject to recoupment by the Adviser within the three years after the expense was waived/reimbursed only if Total Annual Fund Operating Expenses fall below the lesser of this percentage limitation and any percentage limitation in place at the time the expense was waived/reimbursed. This agreement may be terminated or revised at any time with the consent of the Board of Trustees.