An investment in the Fund entails risk. The Fund may not achieve its investment objective and you could lose money by investing in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs because the Fund seeks daily investment exposure to TSLA and SPCX through the use of derivatives and other financial instruments. The Fund’s performance for periods longer than a single day will likely differ from the combined performance of TSLA and SPCX over the same period due to daily rebalancing, volatility, correlation between the issuers and the effects of compounding. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Fund.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears.

Daily Compounding Risk. The Fund seeks daily investment results and is intended to provide approximately 100% of the daily percentage change in the price of TSLA and approximately 100% of the daily percentage change in the price of SPCX. The Fund does not seek to achieve its stated investment objective over periods greater than one trading day.

Because the Fund resets its investment exposure each trading day, the Fund’s performance for periods longer than one trading day will be the result of the compounding of daily returns. As a result, the Fund’s return for periods longer than one trading day will likely differ, and may differ significantly, from the combined performance of TSLA and SPCX over the same period.

The degree to which the Fund’s performance deviates from the combined performance of TSLA and SPCX depends upon numerous factors, including: (i) the cumulative performance of TSLA and SPCX; (ii) the volatility of each Underlying Security; (iii) the correlation between TSLA and SPCX; (iv) the sequence of daily returns; (v) financing and transaction costs; and (vi) the effects of the Fund's daily portfolio rebalancing.

Higher volatility generally increases the effects of compounding. Likewise, when TSLA and SPCX move in the same direction, the Fund generally experiences larger daily gains and losses, increasing the effects of compounding. Conversely, when TSLA and SPCX frequently move in opposite directions or exhibit low or negative correlation, gains in one Underlying Security may partially or completely offset losses in the other, reducing the Fund’s overall daily volatility. Although lower volatility generally reduces the effects of compounding, it does not eliminate them. Accordingly, investors who hold shares for periods longer than one trading day should not expect the Fund’s return to equal the combined performance of TSLA and SPCX over the same period.

Space Exploration Technologies Corp. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the telecommunication services industry, Space Exploration Technologies Corp. is subject to risks that include, but are not limited to: its launch and spaceflight activities involve complex and inherently hazardous technologies; launch failures, mission anomalies, or accidents could result in significant financial losses, reputational harm, regulatory action, or loss of customer confidence; it requires substantial ongoing capital investment; its ability to execute its business strategy depends on continued access to financing, which may not be available on favorable terms or at all; it operates in heavily regulated industries and derives a meaningful portion of its revenue from government contracts; changes in regulation, licensing requirements, government policy, or funding priorities could materially affect operations and demand; the operation of large satellite constellations involves risks including satellite failure, collisions, space debris, spectrum interference, and service disruptions, any of which could adversely affect performance and revenues; its business depends on the successful development and deployment of new technologies; and the integration of AI technologies involves uncertainty, including regulatory scrutiny, cybersecurity concerns, and execution risk. Any of these risks could materially and adversely affect the company’s business, financial condition, results of operations, and prospects.

Given that SPCX completed its initial public offering (“IPO”) in June 2026, there is limited public trading history upon which investors can evaluate its performance, and the market price of its common stock may be volatile. The trading price of SPCX’s common stock may fluctuate significantly due to company-specific developments, changes in investor expectations, general market conditions, lock-up expirations for pre-IPO shareholders, changes in trading volume, the entry or exit of large shareholders or other factors unrelated to its operating performance. SPCX is a highly dynamic company, and its business model, products, services, and strategic focus may change over time, which could adversely affect the value of the Fund’s investment.

Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective.

In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility.

Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.

Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will differ from the performance of the Fund when measured from the close of the market on one trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of changes in the values of TSLA and SPCX after the close of the market on the prior trading day and before the time of purchase. If TSLA and/or SPCX increase in value, the Fund’s net assets generally will rise based on the Fund’s exposure to those issuers. Conversely, if TSLA and/or SPCX decline in value, the Fund’s net assets generally will decline based on the Fund’s exposure to those issuers. Accordingly, an investor that purchases shares intraday may experience performance that is greater than or less than the Fund’s stated investment objective.

If there is a significant intraday market event and/or TSLA or SPCX experience a significant change in value, the Fund may not achieve its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts to NAV or widened bid-ask spreads. These risks may be heightened with respect to SPCX due to potentially elevated volatility, limited trading history or reduced liquidity in the market for SPCX securities or related derivatives. Additionally, the Fund may halt creations and redemptions, impose higher transaction costs or close prior to the close of trading on the Exchange (defined below), which could result in significant losses to the Fund and its shareholders.

Concentration Risk. The Fund’s investments will be concentrated in the industries to which TSLA and SPCX are assigned. As a result, the Fund may be more susceptible to adverse economic, market, political or regulatory developments affecting those industries than a fund that invests in a broader range of industries. A portfolio concentrated in a limited number of industries may present greater risks and be more volatile than a portfolio broadly diversified across multiple industries or sectors. As of the date of this Prospectus, TSLA is assigned to the automobiles and components industry and SPCX is assigned to the telecommunication services industry.

Automobiles and Components Industry Risk. The automobiles and components industry undergoes rapid transformation driven by technological innovation, evolving emissions regulations, and shifting consumer preferences. Companies face substantial competition, including from new market entrants in electric vehicles (EVs) and mobility services. Capital-intensive research and development is required to keep pace in electrification, autonomous driving, and connected-vehicle technologies. Companies developing or deploying autonomous driving technologies are subject to a range of risks, including technological failures, cybersecurity breaches, and system malfunctions. Regulatory requirements and liability frameworks for autonomous vehicles are evolving, and non-compliance or accidents could result in litigation, financial losses, or reputational harm. Delays in adoption, competitive pressures, or consumer resistance could also adversely affect the company’s results of operations and market position. Supply chain disruptions, such as shortages of semiconductors, and tariff changes can adversely impact production. Additionally, macroeconomic factors influencing consumer demand, like interest rates and disposable income, can materially affect revenues and earnings.

Telecommunication Services Industry Risk. The risks of investments in the telecommunication services industry include: a telecommunications market characterized by increasing competition and regulation by the Federal Communications Commission and various state regulatory authorities; the need to commit substantial capital to meet increasing competition, particularly in formulating new products and services using new technology; and technological innovations that may make various products and services obsolete.

Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.

Indirect Investment Risk. Neither TSLA nor SPCX is affiliated with the Trust, the Adviser or any of their respective affiliates and neither issuer is involved with this offering in any way or has any obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund, the Adviser and their affiliates are not responsible for the performance of TSLA or SPCX and make no representation regarding the performance of either issuer. Investing in the Fund is not equivalent to investing directly in TSLA or SPCX. Fund shareholders will not have voting rights or rights to receive dividends, distributions or other rights directly with respect to TSLA or SPCX, except to the extent the Fund directly holds shares of TSLA or SPCX and elects to pass through any such economic benefits to shareholders through the Fund.

Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.

ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:

Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments.

Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.

Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares.

Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s NAV.

IPO Risk. The market value of shares of an IPO, including those of SPCX, which recently went public, may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares or derivatives on IPO shares may involve high transaction costs. IPO shares and derivatives on IPO shares are subject to market risk and liquidity risk.

Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.

Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may become illiquid, particularly during periods of market stress, volatility or disrupted trading conditions. Illiquid securities and derivative instruments may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell a security or derivative instrument at an unfavorable time or price, the Fund may be adversely affected. Certain market conditions, trading restrictions, position limits, regulatory requirements or disruptions in the markets for TSLA, SPCX or related derivatives may prevent the Fund from limiting losses, maintaining intended exposure levels or achieving its investment objective. There is no assurance that a security or derivative instrument that is considered liquid when purchased will remain liquid. Market illiquidity may cause losses for the Fund.

The risks associated with illiquidity may be heightened with respect to SPCX because the market for SPCX shares and related derivatives may have limited trading history, limited public float, heightened volatility or fewer available counterparties. To the extent that the value of TSLA or SPCX changes significantly, the Fund may be one of many market participants attempting to transact in TSLA, SPCX or related financial instruments, including swap agreements and option contracts, at the same time. Under such circumstances, the markets for TSLA, SPCX, related derivatives and/or Fund shares may lack sufficient liquidity to accommodate all market participants. As a result, the Fund may have difficulty transacting in securities or financial instruments, and the Fund’s transactions could exacerbate illiquidity, volatility or price movements in TSLA, SPCX or related derivative instruments, which may adversely affect the Fund’s ability to achieve its investment objective.