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style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0073 0.0073 0.0007 0.0007 0.0066 0.0066 0.0188 0.0263 -0.0010 -0.0010 0.0178 0.0253 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 647 1029 1434 2564 356 808 1386 2956 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 256 808 1386 2956 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">1445</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 14.45 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index, and expects to rebalance the Fund</span><span style="font-family:Arial;font-size:10.02pt;">’s holdings daily to maintain </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial;font-size:10.02pt;">Index may be structured as real estate investment trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while the Fund’s sector exposure may vary over time, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Communication Services Sector, Consumer </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Discretionary Sector, Consumer Staples Sector, Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold short-term U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 15.85%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 20.58%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 13.41%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry. As a result of the Fund’s concentration in the Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">material delivery systems), and semiconductors and related products, including manufacturers of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; </span><span style="font-family:Arial;font-size:10.02pt;">Semiconductor Equipment Industry is a separate industry within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of the Fund's underlying index.The underlying index also serves as a broad-based securities market index representing the overall domestic equity market. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">assume the reinvestment of dividends and capital gains distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reflect sales charges. If the figures in the bar chart reflected sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;">future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reflect sales charges. If the figures in the bar chart reflected sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;">future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">16.03%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">40.41%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-41.21%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.1603 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.4041 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.4121 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> 0.2299 0.1905 0.2067 0.2006 0.1763 0.1946 0.1359 0.1482 0.1718 0.1899 0.1878 0.2099 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0074 0.0075 0.0006 0.0006 0.0068 0.0069 0.0189 0.0265 -0.0010 -0.0010 0.0179 0.0255 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 648 1031 1439 2574 358 814 1396 2976 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 258 814 1396 2976 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while the Fund's sector exposure may vary over time, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Communication Services Sector, Consumer </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Discretionary Sector, Consumer Staples Sector, Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 15.85%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 20.58%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 13.41%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry. As a result of the Fund’s concentration in the Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">material delivery systems), and semiconductors and related products, including manufacturers of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; </span><span style="font-family:Arial;font-size:10.02pt;">Semiconductor Equipment Industry is a separate industry within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of the Fund's underlying index.The underlying index also serves as a broad-based securities market index representing the overall domestic equity market. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">assume the reinvestment of dividends and capital gains distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reflect sales charges. If the figures in the bar chart reflected sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;">future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reflect sales charges. If the figures in the bar chart reflected sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the </span><span style="font-family:Arial;font-size:10.02pt;">future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-15.81%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">33.73%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-36.51%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.1581 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2022-06-30 0.3373 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.3651 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> -0.2844 -0.2449 -0.2819 -0.3022 -0.2561 -0.2873 -0.1683 -0.1593 -0.1243 -0.3073 -0.2466 -0.2799 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis.  The Fund’s current benchmark is 200% of the performance of the NASDAQ-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0069 0.0069 0.0006 0.0006 0.0063 0.0063 0.0184 0.0259 -0.0013 -0.0013 0.0171 0.0246 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 641 1014 1412 2521 349 793 1364 2915 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 249 793 1364 2915 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">601</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 6.01 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. The Fund also may invest in American Depositary Receipts (“ADRs”) to gain exposure to international companies included in the underlying index. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">80% of its net assets, plus any borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Communication Services Sector, Consumer Discretionary Sector, Consumer Staples Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor's Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">80% of its net assets, plus any borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.74%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 26.55%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 16.68%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Depositary Receipt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may hold the securities of non-U.S. companies in the form of depositary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with investing in the securities of U.S. issuers.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any, may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Issuer Exposure Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of foreign companies directly or in financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments that are indirectly linked to the performance of foreign issuers, such as ADRs. The Fund’s exposure to foreign issuers and investments in foreign securities, if any, </span><span style="font-family:Arial;font-size:10.02pt;">carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared</span><span style="font-family:Arial;font-size:10.02pt;"> to U.S. securities,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including, but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and more volatility; limited legal recourse; and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the industries described below.  The industries in which the underlying index components, and thus the Fund's assets, may be </span><span style="font-family:Arial;font-size:10.02pt;">concentrated will vary as the composition of the underlying index changes over time. </span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and material delivery systems), and semiconductors and related products, including manufacturers </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; Semiconductor Equipment </span><span style="font-family:Arial;font-size:10.02pt;">Industry is a separate industry within the Information Technology Sector.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the Software Industry, the Fund is subject to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">risks associated with that Industry. The Software Industry includes companies engaged in developing and producing software designed for specialized applications for the business and consumer markets, including enterprise </span><span style="font-family:Arial;font-size:10.02pt;">and technical software, cloud-based software and companies engaged in bitcoin mining, and in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">developing and producing software for operating systems </span><span style="font-family:Arial;font-size:10.02pt;">and platforms, database management software and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">firewalls. The prices of the securities of issuers in the Software Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, challenges related to bringing products to market, and rapid obsolescence of products. In addition, many software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Legislative or regulatory changes and increased government supervision also may affect companies in the Software Industry. The Software Industry is a separate industry </span><span style="font-family:Arial;font-size:10.02pt;">within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">36.68%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">64.33%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-42.41%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.3668 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.6433 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.4241 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> 0.2750 0.1822 0.2888 0.2246 0.1588 0.2580 0.1626 0.1362 0.2348 0.2335 0.1798 0.2924 0.1788 0.1442 0.1482 0.2103 0.1530 0.1970 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underlying index on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the NASDAQ-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0104 0.0105 0.0012 0.0012 0.0092 0.0093 0.0219 0.0295 -0.0010 -0.0010 0.0209 0.0285 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 677 1118 1585 2871 388 903 1544 3264 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 288 903 1544 3264 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund’s exposure to -200% of the underlying index and expects to rebalance the Fund’s holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. The Fund also may invest in American Depositary Receipts (“ADRs”) to gain inverse exposure to international companies included in the underlying index. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Communication Services Sector, Consumer Discretionary Sector, Consumer Staples Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor's Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.74%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 26.55%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 16.68%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Depositary Receipt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may hold the securities of non-U.S. companies in the form of depositary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with investing in the securities of U.S. issuers.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Issuer Exposure Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of foreign companies directly or in financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments that are indirectly linked to the performance of foreign issuers, such as ADRs. The Fund’s exposure to foreign issuers and investments in foreign securities, if any, </span><span style="font-family:Arial;font-size:10.02pt;">carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared</span><span style="font-family:Arial;font-size:10.02pt;"> to U.S. securities,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including, but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and more volatility; limited legal recourse; and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the industries described below. The industries in which the underlying index components, and thus the Fund's assets, may be </span><span style="font-family:Arial;font-size:10.02pt;">concentrated will vary as the composition of the underlying index changes over time. </span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and material delivery systems), and semiconductors and related products, including manufacturers </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; Semiconductor Equipment </span><span style="font-family:Arial;font-size:10.02pt;">Industry is a separate industry within the Information Technology Sector.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the Software Industry, the Fund is subject to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">risks associated with that Industry. The Software Industry includes companies engaged in developing and producing software designed for specialized applications for the business and consumer markets, including enterprise </span><span style="font-family:Arial;font-size:10.02pt;">and technical software, cloud-based software and companies engaged in bitcoin mining, and in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">developing and producing software for operating systems </span><span style="font-family:Arial;font-size:10.02pt;">and platforms, database management software and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">firewalls. The prices of the securities of issuers in the Software Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, challenges related to bringing products to market, and rapid obsolescence of products. In addition, many software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Legislative or regulatory changes and increased government supervision also may affect companies in the Software Industry. The Software Industry is a separate industry </span><span style="font-family:Arial;font-size:10.02pt;">within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-32.84%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">48.93%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-45.56%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.3284 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2022-06-30 0.4893 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.4556 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> -0.3643 -0.3083 -0.3733 -0.3949 -0.3218 -0.3794 -0.2155 -0.1871 -0.1312 -0.3844 -0.3096 -0.3716 0.1788 0.1442 0.1482 0.2103 0.1530 0.1970 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Dow 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0074 0.0074 0.0003 0.0003 0.0071 0.0071 0.0189 0.0264 -0.0010 -0.0010 0.0179 0.0254 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 648 1031 1439 2574 357 811 1391 2966 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 257 811 1391 2966 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">492</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 4.92 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund's sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Consumer Discretionary </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Sector, Financials Sector, Health Care Sector, Industrials Sector, </span><span style="font-family:Arial;font-size:10.02pt;">and Information Technology Sector, as each sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology </span><span style="font-family:Arial;font-size:10.02pt;">developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 14.98%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 21.79%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 10.78%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">15.29%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">35.02%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-46.40%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.1529 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.3502 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.4640 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> 0.1766 0.1404 0.1733 0.1681 0.1281 0.1623 0.1046 0.1063 0.1417 0.1386 0.1377 0.1762 0.1788 0.1442 0.1482 0.1492 0.1158 0.1311 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse Dow 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse Dow 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0074 0.0075 0.0002 0.0002 0.0072 0.0073 0.0189 0.0265 -0.0010 -0.0010 0.0179 0.0255 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 648 1031 1439 2574 358 814 1396 2976 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 258 814 1396 2976 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund’s sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Consumer Discretionary </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Sector, Financials Sector, Health Care Sector, Industrials Sector, </span><span style="font-family:Arial;font-size:10.02pt;">and Information Technology Sector, as each sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology </span><span style="font-family:Arial;font-size:10.02pt;">developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 14.98%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 21.79%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 10.78%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-16.12%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">27.86%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-35.21%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.1612 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-03-31 0.2786 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.3521 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> -0.2294 -0.1889 -0.2576 -0.2471 -0.1962 -0.2610 -0.1358 -0.1295 -0.1208 -0.2530 -0.1906 -0.2556 0.1788 0.1442 0.1482 0.1492 0.1158 0.1311 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0074 0.0073 0.0012 0.0012 0.0062 0.0061 0.0189 0.0263 -0.0010 -0.0010 0.0179 0.0253 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 648 1031 1439 2574 356 808 1386 2956 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 256 808 1386 2956 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">40</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0.40 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index, exchange-traded funds (“ETFs”) and derivative instruments, which primarily consist of equity index swaps and swaps on ETFs, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">primarily to purchase swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to increase the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Consumer Discretionary Sector, Energy Sector, Financials Sector, Health Care Sector, Industrials Sector, Information Technology Sector, </span><span style="font-family:Arial;font-size:10.02pt;">Materials Sector, and Real Estate Sector, as each sector is defined by the Global Industry </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and </span><span style="font-family:Arial;font-size:10.02pt;">Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index, exchange-traded funds (“ETFs”) and derivative instruments, which primarily consist of equity index swaps and swaps on ETFs, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.75%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 24.44%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 6.98%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to gain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the NAV of the shares and the listing exchange may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">halt trading of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Energy Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Energy </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Energy Sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">companies that offer oil and gas equipment and related services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Energy Sector. The Energy Sector has historically experienced substantial price volatility. The performance of companies operating in the Energy Sector is closely tied to the price and supply of energy fuels and international political events, and companies operating in the Energy Sector are subject to market and other specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation or policy; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production or consumption; slowdowns in new construction; extreme weather or other natural disasters; consumer preferences; and threats of attack by terrorists and state-sponsored actors on energy assets. </span><span style="font-family:Arial;font-size:10.02pt;">In addition,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">companies in the Energy Sector are at risk of liability from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">accidents resulting in injury, loss of life or property, pollution or other environmental damage claims. Energy companies also can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Over time, depletion of natural </span><span style="font-family:Arial;font-size:10.02pt;">gas reserves and other energy reserves may also affect the profitability of energy companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Materials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Materials Sector includes companies that manufacture chemicals, construction materials, forest products, glass, paper and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Materials Sector. The prices of the securities of companies operating in the Materials Sector may fluctuate widely due to fluctuations in supply and demand for basic materials, volatility of commodity prices, the exchange value of the U.S. dollar, import controls, world economic growth and competition, depletion of resources and energy conservation, liability for environmental damage, technological progress, and government regulations, including international political and economic developments, the environmental impact of energy and basic materials operations and tax and other governmental regulatory </span><span style="font-family:Arial;font-size:10.02pt;">policies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Real </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Estate Sector. The Real Estate Sector includes companies operating in real estate development and operations. It also includes companies offering real estate-related services and REITs. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Real Estate Sector. The performance of companies operating in the Real Estate Sector has historically been cyclical and particularly sensitive to the overall economy and market changes, including declines in the value of real estate or, conversely, saturation of the real estate market, economic downturns and defaults by borrowers or tenants during such periods, increases in competition, limited availability of mortgage funds or other limits to accessing </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the credit or capital markets, and changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Small-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that small-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Securities of small-capitalization companies may be more speculative, volatile and less liquid than securities of larger companies. Small-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources and may be more vulnerable to adverse developments than mid- or large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index). The Fund does not seek to track the S&amp;P </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">42.08%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">68.86%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-57.12%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.4208 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-12-31 0.6886 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.5712 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> 0.1083 0.0037 0.0793 0.0897 -0.0043 0.0736 0.0644 -0.0004 0.0620 0.0729 0.0014 0.0821 0.1788 0.1442 0.1482 0.1281 0.0609 0.0962 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underlying index on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class A shares or Class C shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">intermediaries, which are not reflected in the tables and examples below</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> More information about these and other discounts is available from your financial professional and under the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“Sales Charges” section on page </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">137 of the Prospectus, in Appendix A to the Prospectus — "Sales Charge Waivers </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">and Discounts Available Through Intermediaries," and in the “Sales Charges, Reductions and Waivers” section </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">beginning on page 68 of the Fund’s Statement of Additional Information (the “SAI”).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You may qualify for sales charge </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">$100,000</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> in certain funds in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Guggenheim Investments family of funds. This amount may vary depending on the Guggenheim Fund in which you invest.</span> 100000 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(fees paid directly from your investment)</span> 0.0475 0 0 0.0100 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0025 0.0100 0.0065 0.0065 0.0003 0.0003 0.0062 0.0062 0.0180 0.0255 -0.0010 -0.0010 0.0170 0.0245 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 640 1005 1395 2483 348 784 1347 2878 <span style="color:#000000;font-family:Arial;font-size:10.02pt;">You would pay the following expenses if you did not redeem your shares:</span> 248 784 1347 2878 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund</span><span style="font-family:Arial;font-size:10.02pt;">’s holdings daily to maintain such exposure. The Fund’s investment in derivatives referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund's sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Consumer Discretionary Sector, Energy Sector, Financials Sector, Health Care Sector, Industrials Sector, Information Technology Sector, </span><span style="font-family:Arial;font-size:10.02pt;">Materials Sector, and Real Estate Sector, as each sector is defined by the Global Industry </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and </span><span style="font-family:Arial;font-size:10.02pt;">Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.75%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 24.44%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 6.98%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings pursuant to its daily investment objective may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker commissions </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Energy Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Energy </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Energy Sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and related services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Energy Sector. The Energy Sector has historically experienced substantial price volatility. The performance of companies operating in the Energy Sector is closely tied to the price and supply of energy fuels and international political events, and companies operating in the Energy Sector are subject to market and other specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation or policy; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production or consumption; slowdowns in new construction; extreme weather or other natural disasters; consumer preferences; and threats of attack by terrorists and state-sponsored actors on energy assets. </span><span style="font-family:Arial;font-size:10.02pt;">In addition,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">companies in the Energy Sector are at risk of liability from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">accidents resulting in injury, loss of life or property, pollution or other environmental damage claims. Energy companies also can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Over time, depletion of natural </span><span style="font-family:Arial;font-size:10.02pt;">gas reserves and other energy reserves may also affect the profitability of energy companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Materials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Materials Sector includes companies that manufacture chemicals, construction materials, forest products, glass, paper and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Materials Sector. The prices of the securities of companies operating in the Materials Sector may fluctuate widely due to fluctuations in supply and demand for basic materials, volatility of commodity prices, the exchange value of the U.S. dollar, import controls, world economic growth and competition, depletion of resources and energy conservation, liability for environmental damage, technological progress, and government regulations, including international political and economic developments, the environmental impact of energy and basic materials operations and tax and other governmental regulatory </span><span style="font-family:Arial;font-size:10.02pt;">policies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Real </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Estate Sector. The Real Estate Sector includes companies operating in real estate development and operations. It also includes companies offering real estate-related services and REITs. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Real Estate Sector. The performance of companies operating in the Real Estate Sector has historically been cyclical and particularly sensitive to the overall economy and market changes, including declines in the value of real estate or, conversely, saturation of the real estate market, economic downturns and defaults by borrowers or tenants during such periods, increases in competition, limited availability of mortgage funds or other limits to accessing </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the credit or capital markets, and changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains. Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Small-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that small-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Securities of small-capitalization companies may be more speculative, volatile and less liquid than securities of larger companies. Small-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources and may be more vulnerable to adverse developments than mid- or large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class A shares and Class C shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) and the Fund's underlying index (Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index). The Fund does not seek to track the S&amp;P </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The figures in the bar chart and table assume the reinvestment of dividends and capital gains </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">distributions</span><span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span><span style="font-family:Arial;font-size:10.02pt;"> The performance information below reflects applicable fee waivers and/or </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class C shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">; however, the figures in the bar chart do not reflect sales charges. If the figures in the bar chart reflected </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">sales charges, returns would be lower.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class C shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-35.36%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">55.71%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-46.79%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.3536 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-03-31 0.5571 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.4679 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns are shown for Class C shares only. After-tax returns for Class A shares will vary. The returns shown </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">below reflect applicable sales charges, if any.</span> -0.2687 -0.1900 -0.2689 -0.2820 -0.1985 -0.2729 -0.1593 -0.1302 -0.1225 -0.2914 -0.1919 -0.2670 0.1788 0.1442 0.1482 0.1281 0.0609 0.0962 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">“underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0072 0.0007 0.0065 0.0187 -0.0010 0.0177 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 180 578 1002 2182 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">1445</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 14.45 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index, and expects to rebalance the Fund</span><span style="font-family:Arial;font-size:10.02pt;">’s holdings daily to maintain </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial;font-size:10.02pt;">Index may be structured as real estate investment trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while the Fund’s sector exposure may vary over time, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Communication Services Sector, Consumer </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Discretionary Sector, Consumer Staples Sector, Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold short-term U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial instruments with economic characteristics that should perform similarly to the securities of companies in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 15.85%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 20.58%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 13.41%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry. As a result of the Fund’s concentration in the Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">material delivery systems), and semiconductors and related products, including manufacturers of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; </span><span style="font-family:Arial;font-size:10.02pt;">Semiconductor Equipment Industry is a separate industry within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of the Fund's underlying index. The underlying index also serves as a broad-based securities market index representing the overall domestic equity market. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table assume the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">16.39%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">40.67%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-41.10%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.1639 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.4067 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.4110 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> 0.2491 0.1994 0.2157 0.2256 0.1878 0.2055 0.1473 0.1571 0.1814 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0072 0.0006 0.0066 0.0187 -0.0010 0.0177 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 180 578 1002 2182 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while the Fund's sector exposure may vary over time, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Communication Services Sector, Consumer </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Discretionary Sector, Consumer Staples Sector, Financials Sector, Health Care Sector, Industrials Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is a capitalization-weighted index composed of approximately 500 common stocks, which are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">chosen by the Standard &amp; Poor’s Corporation on a statistical basis, and which generally represent large-capitalization companies with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">6.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the Fund's investments, are </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">concentrated (i.e., more than 25% of its assets) in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry, a separate industry within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 15.85%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 20.58%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 13.41%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the Semiconductors &amp; Semiconductor Equipment Industry. As a result of the Fund’s concentration in the Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">material delivery systems), and semiconductors and related products, including manufacturers of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; </span><span style="font-family:Arial;font-size:10.02pt;">Semiconductor Equipment Industry is a separate industry within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of the Fund's underlying index. The underlying index also serves as a broad-based securities market index representing the overall domestic equity market. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table assume the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-15.30%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">33.97%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-36.40%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.1530 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2022-06-30 0.3397 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.3640 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> -0.2727 -0.2384 -0.2761 -0.2870 -0.2476 -0.2807 -0.1613 -0.1558 -0.1236 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis.  The Fund’s current benchmark is 200% of the performance of the NASDAQ-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0076 0.0006 0.0070 0.0191 -0.0013 0.0178 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 181 587 1020 2222 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">601</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 6.01 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. The Fund also may invest in American Depositary Receipts (“ADRs”) to gain exposure to international companies included in the underlying index. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">80% of its net assets, plus any borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Communication Services Sector, Consumer Discretionary Sector, Consumer Staples Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor's Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">80% of its net assets, plus any borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial instruments with economic characteristics that should perform similarly to the securities of companies in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.74%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 26.55%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 16.68%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Depositary Receipt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may hold the securities of non-U.S. companies in the form of depositary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with investing in the securities of U.S. issuers.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Issuer Exposure Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of foreign companies directly or in financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments that are indirectly linked to the performance of foreign issuers, such as ADRs. The Fund’s exposure to foreign issuers and investments in foreign securities, if any, </span><span style="font-family:Arial;font-size:10.02pt;">carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared</span><span style="font-family:Arial;font-size:10.02pt;"> to U.S. securities,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including, but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and more volatility; limited legal recourse; and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the industries described below.  The industries in which the underlying index components, and thus the Fund's assets, may be </span><span style="font-family:Arial;font-size:10.02pt;">concentrated will vary as the composition of the underlying index changes over time. </span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and material delivery systems), and semiconductors and related products, including manufacturers </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; Semiconductor Equipment </span><span style="font-family:Arial;font-size:10.02pt;">Industry is a separate industry within the Information Technology Sector.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the Software Industry, the Fund is subject to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">risks associated with that Industry. The Software Industry includes companies engaged in developing and producing software designed for specialized applications for the business and consumer markets, including enterprise </span><span style="font-family:Arial;font-size:10.02pt;">and technical software, cloud-based software and companies engaged in bitcoin mining, and in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">developing and producing software for operating systems </span><span style="font-family:Arial;font-size:10.02pt;">and platforms, database management software and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">firewalls. The prices of the securities of issuers in the Software Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, challenges related to bringing products to market, and rapid obsolescence of products. In addition, many software companies rely on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Legislative or regulatory changes and increased government supervision also may affect companies in the Software Industry. The Software Industry is a separate industry </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">37.18%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">64.64%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">-42.30%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.3718 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.6464 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2022-06-30 -0.4230 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> 0.2951 0.1914 0.2987 0.2595 0.1744 0.2748 0.1745 0.1473 0.2489 0.1788 0.1442 0.1482 0.2103 0.1530 0.1970 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse NASDAQ-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underlying index on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the NASDAQ-100 Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0082 0.0012 0.0070 0.0197 -0.0010 0.0187 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 190 609 1053 2288 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund’s exposure to -200% of the underlying index and expects to rebalance the Fund’s holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. The Fund also may invest in American Depositary Receipts (“ADRs”) to gain inverse exposure to international companies included in the underlying index. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> Also, while </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Communication Services Sector, Consumer Discretionary Sector, Consumer Staples Sector, Health Care Sector, and Information Technology Sector, as each sector is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and Standard &amp; Poor's Financial Services </span><span style="font-family:Arial;font-size:10.02pt;">LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">invest at least 80% of its net assets, plus any borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a modified capitalization-weighted index composed of 100 of the largest non-financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies listed on The Nasdaq Stock Market with capitalizations ranging from $</span><span style="font-family:Arial;font-size:10.02pt;">17.5 billion to $4.8 trillion as of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index components, and thus the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund’s investments, are concentrated (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="font-family:Arial;font-size:10.02pt;">, more than 25% of its assets) in securities issued by companies in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Semiconductors &amp; Semiconductor Equipment Industry and Software Industry, separate industries within the Information Technology Sector. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.74%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 26.55%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 16.68%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Depositary Receipt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may hold the securities of non-U.S. companies in the form of depositary </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">receipts. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">associated with investing in the securities of U.S. issuers.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Foreign Issuer Exposure Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may invest in securities of foreign companies directly or in financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments that are indirectly linked to the performance of foreign issuers, such as ADRs. The Fund’s exposure to foreign issuers and investments in foreign securities, if any, </span><span style="font-family:Arial;font-size:10.02pt;">carry unique,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">additional and heightened risks when </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">compared</span><span style="font-family:Arial;font-size:10.02pt;"> to U.S. securities,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">including, but not limited to: currency fluctuations; adverse political (including </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">geopolitical)</span><span style="font-family:Arial;font-size:10.02pt;">,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">social and economic developments; trade restrictions (including tariffs) or other government restrictions </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">by the U.S. or other governments; unreliable</span><span style="font-family:Arial;font-size:10.02pt;">, untimely or less publicly available information; less government </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">supervision; reporting</span><span style="font-family:Arial;font-size:10.02pt;">, accounting, and auditing standards that are not comparable to those in the United States; less liquidity</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and more volatility; limited legal recourse; and higher transactional costs.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. As of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the underlying index </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">components, and thus the Fund's investments, are concentrated in securities issued by companies in the industries described below.  The industries in which the underlying index components, and thus the Fund's assets, may be </span><span style="font-family:Arial;font-size:10.02pt;">concentrated will vary as the composition of the underlying index changes over time. </span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Semiconductors &amp; Semiconductor Equipment Industry, the Fund is subject to the risks associated with that Industry. The Semiconductors &amp; Semiconductor Equipment Industry includes manufacturers of semiconductor equipment, including equipment used in the solar power industry (e.g., raw wafers, gases, liquids and related packaging </span><span style="font-family:Arial;font-size:10.02pt;">and material delivery systems), and semiconductors and related products, including manufacturers </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">of solar modules, cells, integrated circuit devices, diodes and light-emitting diodes (LEDs), microprocessors and chips. Companies in the Semiconductors &amp; Semiconductor Equipment Industry rely heavily on technology. The prices of the securities of companies in the Semiconductors &amp; Semiconductor Equipment Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, problems related to bringing products to market, and rapid obsolescence of products. Legislative or regulatory changes and increased government supervision also may affect companies in the Semiconductors &amp; Semiconductor Equipment Industry. The Semiconductors &amp; Semiconductor Equipment </span><span style="font-family:Arial;font-size:10.02pt;">Industry is a separate industry within the Information Technology Sector.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Software Industry.</span><span style="font-family:Arial;font-size:10.02pt;"> As a result of the Fund's concentration in the Software Industry, the Fund is subject to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">risks associated with that Industry. The Software Industry includes companies engaged in developing and producing software designed for specialized applications for the business and consumer markets, including enterprise </span><span style="font-family:Arial;font-size:10.02pt;">and technical software, cloud-based software and companies engaged in bitcoin mining, and in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">developing and producing software for operating systems </span><span style="font-family:Arial;font-size:10.02pt;">and platforms, database management software and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">firewalls. The prices of the securities of issuers in the Software Industry may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, heavy expenses incurred for research and development of products or services that prove unsuccessful, challenges related to bringing products to market, and rapid obsolescence of products. In addition, many software companies rely on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology. Legislative or regulatory changes and increased government supervision also may affect companies in the Software Industry. The Software Industry is a separate industry </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">within the Information Technology Sector.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Communication Services Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Communication Services Sector. The Communication Services Sector includes companies that facilitate communication and offer related content and information through various mediums. It includes telecom and media &amp; entertainment companies, including producers of interactive gaming products and companies engaged in content and information creation or distribution through proprietary platforms. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Communication Services Sector. The performance of companies operating in the Communication Services Sector has historically been closely tied to the performance of the overall economy and also is affected by economic growth, consumer confidence, attitudes and spending. Increased sensitivity to short product cycles and aggressive pricing, challenges in bringing products to market and changes in demographics and consumer tastes also can affect the demand for, and success of, communication services products and services in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Staples Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Consumer Staples Sector. The Consumer Staples Sector includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. The Consumer Staples Sector also includes distributors and retailers of other consumer staples products, including food and drug retailing companies. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Staples Sector. The performance of companies operating in the Consumer Staples Sector has historically been closely tied to the performance of the overall economy, and also is affected by consumer confidence, demands and preferences, and spending. In addition, companies in the Consumer Staples Sector may be subject to risks pertaining to the supply of, demand for, and prices of raw </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">materials.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (NASDAQ-100 Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-32.38%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2022</span><span style="font-family:Arial;font-size:10.02pt;">49.17%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-45.44%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.3238 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2022-06-30 0.4917 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.4544 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> -0.3522 -0.3029 -0.3687 -0.3774 -0.3141 -0.3741 -0.2084 -0.1847 -0.1310 0.1788 0.1442 0.1482 0.2103 0.1530 0.1970 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Dow 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0074 0.0003 0.0071 0.0189 -0.0010 0.0179 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 182 584 1012 2203 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">492</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 4.92 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects primarily to purchase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying index and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage to increase </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund's sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Consumer Discretionary </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Sector, Financials Sector, Health Care Sector, Industrials Sector, </span><span style="font-family:Arial;font-size:10.02pt;">and Information Technology Sector, as each sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology </span><span style="font-family:Arial;font-size:10.02pt;">developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index and derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 14.98%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 21.79%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 10.78%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Index. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">15.77%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">35.23%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-46.30%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.1577 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-06-30 0.3523 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.4630 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> 0.1952 0.1487 0.1819 0.1883 0.1383 0.1723 0.1157 0.1142 0.1505 0.1788 0.1442 0.1482 0.1492 0.1158 0.1311 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse Dow 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse Dow 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis.  The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0073 0.0002 0.0071 0.0188 -0.0010 0.0178 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 181 581 1007 2193 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s investment in derivatives </span><span style="font-family:Arial;font-size:10.02pt;">referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span><span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund’s sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the Consumer Discretionary </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Sector, Financials Sector, Health Care Sector, Industrials Sector, </span><span style="font-family:Arial;font-size:10.02pt;">and Information Technology Sector, as each sector </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology </span><span style="font-family:Arial;font-size:10.02pt;">developed by MSCI, Inc. and Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> is a price-weighted index of 30 “blue chip” U.S. stocks, which generally represent </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">large-capitalization companies with a capitalization range of $</span><span style="font-family:Arial;font-size:10.02pt;">60.7 billion to $4.8 trillion as of June 30, 2026.</span> <span style="font-family:Arial;font-size:10.02pt;">To the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">extent the Fund’s underlying index is concentrated in a particular industry the Fund will necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 14.98%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 21.79%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 10.78%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Large-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that large-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and may not be able to attain the high growth rate of smaller companies, especially during extended periods of economic </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">expansion.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (Dow Jones Industrial Average</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;">). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Index. </span><span style="font-family:Arial;font-size:10.02pt;">The figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-15.80%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">27.93%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-35.11%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.1580 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-03-31 0.2793 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.3511 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> -0.2158 -0.1830 -0.2521 -0.2307 -0.1891 -0.2550 -0.1278 -0.1259 -0.1198 0.1788 0.1442 0.1482 0.1492 0.1158 0.1311 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it seeks </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, 2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. Investors who do not meet these criteria </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">should not buy shares of the Fund. An investment in the Fund is not a complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis.  The Fund’s current benchmark is 200% of the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0082 0.0012 0.0070 0.0197 -0.0010 0.0187 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 190 609 1053 2288 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial;font-size:10.02pt;">40</span><span style="font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0.40 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index, exchange-traded funds (“ETFs”) and derivative instruments, which primarily consist of equity index swaps and swaps on ETFs, futures contracts, and options on securities, futures contracts, and stock indices.</span><span style="font-family:Arial;font-size:10.02pt;"> While the Fund may write (sell) and purchase swaps, it expects </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">primarily to purchase swaps. Swap agreements and futures and options contracts, if used properly, may enable the Fund to meet its objective by increasing the Fund’s exposure to the securities included in the underlying index or in the same proportion that those securities are represented in the Fund's benchmark. The </span><span style="font-family:Arial;font-size:10.02pt;">Fund’s investment in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">derivatives referencing (i) the underlying index, or (ii) securities included in the underlying index, serves as a substitute for investments in each of the securities of companies included in the underlying and will be counted towards the Fund’s 80% investment policy (as set forth below). The </span><span style="font-family:Arial;font-size:10.02pt;">Advisor attempts to consistently apply leverage </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">to increase the Fund's exposure to 200% of the underlying index and expects to rebalance the Fund's holdings daily to maintain such exposure. The Fund’s use of derivatives and the leveraged investment exposure created by such use are expected to be significant. Certain of the Fund’s derivatives investments may be traded in the over-the-counter (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund’s sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Consumer Discretionary Sector, Energy Sector, Financials Sector, Health Care Sector, Industrials Sector, Information Technology Sector, </span><span style="font-family:Arial;font-size:10.02pt;">Materials Sector, and Real Estate Sector, as each sector is defined by the Global Industry </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and </span><span style="font-family:Arial;font-size:10.02pt;">Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of investing in the common stock of companies that are generally within the capitalization range of the underlying index, exchange-traded funds (“ETFs”) and derivative instruments, which primarily consist of equity index swaps and swaps on ETFs, futures contracts, and options on securities, futures contracts, and stock indices.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in </span><span style="font-family:Arial;font-size:10.02pt;">securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index and financial </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments with economic characteristics that should perform similarly to the securities of companies in the </span><span style="font-family:Arial;font-size:10.02pt;">Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund’s investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the performance of the underlying index; conversely, the shaded areas in the table below represent those </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">scenarios where the Fund can be expected to return less than twice the performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-85%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-88%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-66%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-54%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-41%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-64%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-78%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-24%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-37%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-55%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-71%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-22%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-65%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">14%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-5%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">36%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-15%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-47%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">59%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-38%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">11%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">122%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">111%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">76%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">28%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">154%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">140%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">44%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-10%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.75%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 24.44%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 6.98%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns  which are a multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund fees and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure, if any,  may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. A decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. The Fund may lose a substantial part, or even all, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of its investment in a company’s stock.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Investment in Investment Vehicles Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may seek to gain certain exposure through investments in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other investment vehicles. Investing in other investment vehicles, including ETFs and other mutual funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF or a listed closed-end fund are subject to, among other risks, the risk that the shares may trade at a discount or premium relative to the NAV of the shares and the listing exchange may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">halt trading of the shares.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in declining markets. Therefore, the Fund may be subject to greater losses in a declining market than a fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that is actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Energy Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Energy </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Energy Sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and related services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Energy Sector. The Energy Sector has historically experienced substantial price volatility. The performance of companies operating in the Energy Sector is closely tied to the price and supply of energy fuels and international political events, and companies operating in the Energy Sector are subject to market and other specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation or policy; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production or consumption; slowdowns in new construction; extreme weather or other natural disasters; consumer preferences; and threats of attack by terrorists and state-sponsored actors on energy assets. </span><span style="font-family:Arial;font-size:10.02pt;">In addition,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">companies in the Energy Sector are at risk of liability from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">accidents resulting in injury, loss of life or property, pollution or other environmental damage claims. Energy companies also can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Over time, depletion of natural </span><span style="font-family:Arial;font-size:10.02pt;">gas reserves and other energy reserves may also affect the profitability of energy companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Materials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Materials Sector includes companies that manufacture chemicals, construction materials, forest products, glass, paper and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Materials Sector. The prices of the securities of companies operating in the Materials Sector may fluctuate widely due to fluctuations in supply and demand for basic materials, volatility of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">commodity prices, the exchange value of the U.S. dollar, import controls, world economic growth and competition, depletion of resources and energy conservation, liability for environmental damage, technological progress, and government regulations, including international political and economic developments, the environmental impact of energy and basic materials operations and tax and other governmental regulatory </span><span style="font-family:Arial;font-size:10.02pt;">policies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Real </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Estate Sector. The Real Estate Sector includes companies operating in real estate development and operations. It also includes companies offering real estate-related services and REITs. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Real Estate Sector. The performance of companies operating in the Real Estate Sector has historically been cyclical and particularly sensitive to the overall economy and market changes, including declines in the value of real estate or, conversely, saturation of the real estate market, economic downturns and defaults by borrowers or tenants during such periods, increases in competition, limited availability of mortgage funds or other limits to accessing </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the credit or capital markets, and changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Small-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that small-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underperform other segments of the equity market or the equity market as a whole. Securities of small-capitalization companies may be more speculative, volatile and less liquid than securities of larger companies. Small-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources and may be more vulnerable to adverse developments than mid- or large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">42.59%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">69.18%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-57.04%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 0.4259 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-12-31 0.6918 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-03-31 -0.5704 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> 0.1253 0.0104 0.0864 0.1094 0.0035 0.0814 0.0745 0.0052 0.0684 0.1788 0.1442 0.1482 0.1281 0.0609 0.0962 <span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;">Inverse Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:7pt;font-weight:bold;position:relative;text-transform:uppercase;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:11.02pt;font-weight:bold;text-transform:uppercase;"> 2x Strategy Fund</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">IMPORTANT INFORMATION ABOUT THE FUND</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Inverse Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> 2x Strategy Fund (the “Fund”) is very different from most other mutual funds in that it </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">leveraged</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> investment results that match twice the inverse of the performance of a specific </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">underlying index on a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">daily basis</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, a result opposite of most mutual funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the performance of an investment in the Fund is magnified. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The effect of leverage on the Fund will generally cause the Fund’s performance to not match the performance of the Fund’s benchmark (as described below) over a period of time greater than a single trading day. This means that the return of the Fund for a period of longer than a single trading day will be the result of each day’s compounded returns over the period, which will very likely differ from twice the inverse return of the Fund’s underlying index (as defined below) for that period. As a consequence, especially in periods of market volatility, the path or trend of the benchmark during the longer period may be at least as important to the Fund’s cumulative return for the longer period as the cumulative return of the benchmark for the relevant longer period. Further, the return for investors who invest for a period longer than a single trading day will not be the product of the return of the Fund’s stated </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">investment goal (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, -2x) and the cumulative performance of the benchmark. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">The Fund is not suitable for all investors.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund should be utilized only by investors who (a) understand the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risks of shorting and (d) intend to actively monitor and manage their investments. Investors who do not meet these criteria should not buy shares of the Fund. An investment in the Fund is not a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">complete investment program.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">INVESTMENT OBJECTIVE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">FEES AND EXPENSES OF THE FUND</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This table describes the fees and expenses that you may pay if you buy, hold and sell Class H shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;line-height:11.02pt;margin-left:0.0pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;margin-left:0.0pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:-9pt;">ANNUAL FUND OPERATING EXPENSES</span> <div> </div> <br/><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0025 0.0073 0.0003 0.0070 0.0188 -0.0010 0.0178 <span style="font-family:Arial;font-size:8.02pt;">August 1, 2027</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">EXAMPLE</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">or lower, based on these assumptions your costs would be:</span> 181 581 1007 2193 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PORTFOLIO TURNOVER</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">% of the average value of its portfolio. The Fund’s portfolio turnover rate is calculated without </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">regard to cash instruments and most derivatives. If such instruments were included, the Fund’s portfolio turnover rate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">might be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PRINCIPAL INVESTMENT STRATEGIES</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Fund employs as its investment strategy a program of engaging in short sales of securities generally included in the underlying index and investing in derivative instruments, which primarily consist of equity index swaps and swaps on exchange-traded funds, futures contracts, and options on securities, securities indices, and futures contracts. While the Fund may write (sell) and purchase swaps, it expects primarily to write swaps. The Advisor attempts to consistently apply leverage to increase the Fund's exposure to -200% of the underlying index and expects to rebalance the Fund</span><span style="font-family:Arial;font-size:10.02pt;">’s holdings daily to maintain such exposure. The Fund’s investment in derivatives referencing (i) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">the underlying index, or (ii) securities included in the underlying index,</span><span style="font-family:Arial;font-size:10.02pt;"> serves as a substitute for directly selling short </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">each of the securities included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;"> and produces inverse exposure to the underlying index and to </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of companies included in the underlying index</span><span style="font-family:Arial;font-size:10.02pt;">. These instruments will be counted towards the Fund’s 80% </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">investment policy (as set forth below).</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the Fund’s derivatives investments may be traded in the over-the-counter</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;"> (“OTC”) market. </span><span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span><span style="font-family:Arial;font-size:10.02pt;"> Certain of the companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index may be structured as real estate investment </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">trusts (“REITs”). </span><span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">While the Fund's sector exposure may vary over time, as of June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026, the Fund has significant exposure to the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Consumer Discretionary Sector, Energy Sector, Financials Sector, Health Care Sector, Industrials Sector, Information Technology Sector, </span><span style="font-family:Arial;font-size:10.02pt;">Materials Sector, and Real Estate Sector, as each sector is defined by the Global Industry </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and </span><span style="font-family:Arial;font-size:10.02pt;">Standard &amp; Poor’s Financial Services LLC. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">On a day-to-day basis, the Fund may hold U.S. government securities or cash equivalents. The Fund also may enter into repurchase agreements with counterparties that are deemed to present acceptable credit risks. In an effort to ensure that the Fund is fully invested on a day-to-day basis, the Fund may conduct any necessary trading activity at or just prior to the close of the U.S. financial markets. The Fund is non-diversified and, therefore, may invest a greater </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">percentage of its assets in a particular issuer in comparison to a diversified fund. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Investments in derivative instruments, such as futures, options and swap agreements, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to losses that exceed the amount the Fund has invested in those instruments. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The value of the Fund’s portfolio is likely to experience greater volatility over short-term periods. While such financial leverage has the potential to produce greater gains, it also may result in greater losses, which in some cases may cause the Fund to liquidate other portfolio investments at a loss to comply with limits on leverage imposed by the Investment Company Act of 1940, satisfy margin or collateral </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">requirements, or meet redemption requests.</span> <span style="font-family:Arial;font-size:10.02pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">borrowings for investment purposes, in financial instruments with economic characteristics that should perform </span><span style="font-family:Arial;font-size:10.02pt;">inversely to the securities of companies included in the Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 2,000 smallest companies in the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index, representing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">approximately 10% of the Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> total market capitalization and consisting of capitalizations ranging from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">$</span><span style="font-family:Arial;font-size:10.02pt;">0.5 million to $13.8 billion as of June 30, 2026. The Russell 3000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index is composed of the 3,000 largest U.S. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">companies ranked by total market capitalization, representing approximately 98% of the U.S. investable equity market.</span> <span style="font-family:Arial;font-size:10.02pt;">To the extent the Fund’s underlying index is concentrated in a particular industry the Fund will </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">necessarily be concentrated in that industry. The industries in which the underlying index components, and thus the Fund's investments, may be concentrated will vary as the composition of the underlying index changes over time.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The value of an investment in the Fund will fluctuate and is subject to investment risks, which means investors could lose money, including all or part of their investment in the Fund. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">An investment in the Fund is not a bank deposit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">and is not insured or guaranteed by the FDIC or any governmental agency.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Compounding Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—In addition to the correlation risks described under “Correlation Risk”, the Fund’s returns are </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">subject to the effects of compounding, which generally will cause the Fund’s performance to not correlate to the performance of the benchmark over periods greater than a single day, before accounting for fees and fund expenses. Compounded returns are the result of reinvesting daily returns over periods greater than a single day. The Fund’s compounded returns for periods greater than a single day will be different than the performance of the benchmark over the same period. The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">holding periods. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Compounding affects the performance of all investments over time, but has a more significant effect on a leveraged index fund because the magnified changes in performance produced by the use of leverage lead to greater increases and decreases in the fund’s daily returns which are then compounded over time. The effects of compounding, therefore, have a more significant effect on the Fund because it seeks to match a multiple of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">inverse performance of the Fund’s underlying index on a daily basis. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: (a) underlying index performance; (b) underlying index volatility; (c) financing rates associated with leverage; (d) other Fund expenses; (e) dividends or interest paid by companies in the underlying index; and (f) period of time. The table below illustrates the impact of two principal factors – volatility and index performance – on Fund performance. The table shows estimated Fund returns for a number of combinations of performance and volatility over a one-year period. Performance shown in the table assumes: (a) no dividends paid by the companies included in the underlying index; (b) no Fund expenses; and (c) a cost of leverage of zero percent. If Fund expenses, </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">including the cost of leverage, were included, the Fund’s performance would be lower than shown. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">The unshaded areas in the table below represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the underlying index; conversely, the shaded areas in the table below represent those scenarios where the Fund can be expected to return the same or less than twice the inverse </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">performance of the underlying index.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">Annualized Volatility</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">1x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-2x</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">506%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">404%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">199%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">13%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-69%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">286%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">229%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">171%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">128%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">33%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-49%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-86%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">99%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-1%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-90%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-27%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-70%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-77%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-94%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">0%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-3%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-18%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-52%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-81%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-19%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-31%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-61%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-84%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-96%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">20%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-32%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-43%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-67%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-87%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">30%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-42%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-51%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-72%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-89%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">40%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-80%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-58%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-75%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-91%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00pt;">-97%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-100%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-57%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-63%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-79%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-92%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">60%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">-120%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-62%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-68%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-82%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-93%</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">-98%</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s annualized historical volatility rate for the five-year period ended June 30, </span><span style="font-family:Arial;font-size:10.02pt;">2026 is 20.75%. </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The underlying index’s highest one-year volatility rate during the five-year period is 24.44%. The underlying index’s </span><span style="font-family:Arial;font-size:10.02pt;">annualized performance for the five-year period ended June 30, 2026 is 6.98%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Historical underlying index volatility and performance are not indications of what the underlying index volatility and performance will be in the future. The table is intended to isolate the effects of the underlying index volatility and index performance on the return of the Fund, and underscore that the Fund is designed as a short-term trading </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">vehicle for investors who intend to actively monitor and manage their portfolios.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—A number of factors may affect the Fund’s ability to achieve a high degree of correlation with its </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, including instances in which the Fund does not hold or have exposure to each component security of the underlying index and the effect of compounding on the Fund’s returns, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. The Fund does not attempt to, and should not be expected to, provide returns which are an inverse multiple of the returns of the underlying index for periods other than a single day. The risk of the Fund not achieving its daily investment objective will be more acute when the underlying index has an extreme one-day movement approaching 50%. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">In addition, as a result of compounding, the Fund’s performance for periods </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">greater than a single day is likely to be either greater than or less than the inverse of the performance of the underlying index times the stated multiple in the Fund’s investment objective, before accounting for Fund </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">fees and expenses.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Counterparty Credit Risk</span><span style="font-family:Arial;font-size:10.02pt;">—The Fund makes investments in financial instruments and OTC-traded derivatives </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">involving counterparties to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (</span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.,</span><span style="font-family:Arial;font-size:10.02pt;"> prime brokerage or securities lending </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes </span><span style="font-family:Arial;font-size:10.02pt;">insolvent or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease. Counterparty credit risk also includes the related risk of having potentially significant exposure to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such counterparty.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Derivatives Risk</span><span style="font-family:Arial;font-size:10.02pt;">—Derivatives and other instruments (collectively referred to in this paragraph as “derivatives”) pose </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">risks in addition to and greater than those associated with investing directly in securities, currencies or other investments, including risks relating to leverage, market conditions and market risk, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, high price volatility, lack of availability, counterparty credit, liquidity, valuation, operational and legal restrictions and risk. </span><span style="font-family:Arial;font-size:10.02pt;">The use of derivatives is a highly specialized </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. </span><span style="font-family:Arial;font-size:10.02pt;">In addition, the use of derivatives may result in leverage, which may cause the Fund to be more volatile </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and riskier than if it had not been leveraged. Changes in the value of a derivative also may create sudden margin delivery or settlement payment obligations for the Fund, which can materially affect the performance of the Fund, its liquidity, and other aspects of the Fund’s risk profile. The Fund’s use of derivatives to obtain short exposure may result in greater volatility of the Fund's net asset value (“NAV”) per share. If the Advisor is incorrect about its expectations of market conditions, the use of derivatives also could result in a loss, which in some cases may be unlimited. Certain risks are specific to the particular type of derivative instrument in which the Fund may invest. For example, some of the derivatives in which the Fund invests may be traded (and privately negotiated) in the OTC </span><span style="font-family:Arial;font-size:10.02pt;">market. OTC derivatives are subject to heightened counterparty, credit, legal, liquidity and valuation risks. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Futures Contracts Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Futures contracts are exchange-traded contracts that call for the future delivery of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts include imperfect correlation between the movements in the price of the instruments and the price of the underlying assets. In addition, there is a risk that the Fund may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of futures positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures also are subject to leverage and liquidity risks. The Fund may invest in standard futures contracts, e-mini futures contracts, and micro e-mini futures contracts depending on the investment exposure needs of the Fund. E-mini futures contracts and micro e-mini futures contracts are similar to standard futures contracts, except that they are electronically traded and e-mini futures contracts generally are one-fifth the size of standard futures </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">contracts and micro e-mini futures contracts generally are one-tenth the size of e-mini futures contracts. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Options Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Options and options on futures contracts give the holder of the option the right, but not the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">obligation, to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. Options are subject to correlation risk because there may be an imperfect correlation between the options and the markets for underlying instruments that could cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Advisor’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of options positions that can be held or controlled by the Fund or the Advisor, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">liquidity risk. </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0.00%;">Swap Agreements Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Swap agreements are contracts among the Fund and a counterparty to exchange </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be traded on a designated contract market or swap execution facility. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of swap transactions to the Fund and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Early Closing Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that unanticipated early closings of securities exchanges and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">other financial markets may result in the Fund’s inability to buy or sell securities or other financial instruments on that </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">day and may cause the Fund to incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Equity Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Equity securities include common stocks and other equity and equity-related securities </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">(and securities convertible into stocks). The Fund is exposed to the risks of equity securities primarily through its investments in equity-related derivatives and other investments. The prices of equity securities generally fluctuate more than those of fixed-income investments, may rise or fall rapidly or unpredictably, and may reflect real or perceived changes in the issuing company’s financial condition and changes in the overall market or economy. Common stocks generally represent the riskiest investment in a company and dividend payments (if declared) to preferred stockholders generally rank junior to payments due to a company’s debtholders. An increase in the value of </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">equity securities to which the Fund has exposure will adversely affect the value of your investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may concentrate its investments in a limited number of issuers conducting </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">business in the same industry or group of related industries. To the extent the Fund does so, the Fund is more vulnerable to adverse market, economic, regulatory, political or other developments affecting that industry or group of related industries than a fund that invests its assets more broadly. The industries in which the underlying index components, and thus the Fund's assets, may be concentrated will vary as the composition of the underlying index </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changes over time. </span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Fixed income and other debt instruments are subject to the possibility that interest rates could </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">change (or are expected to change). Changes in interest rates (or the expectation of such changes) can be difficult to forecast and may adversely affect the Fund’s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and the Fund’s investments. Fixed income and other debt instruments with longer durations are more sensitive to changes in interest rates and, thus, subject to more volatility than similar instruments with shorter durations. Generally, when interest rates increase, the values of previously issued fixed income and other debt instruments decline and when interest rates decrease, the values of fixed income and other debt instruments rise. During periods of rising interest rates, changes in interest rates on adjustable rate securities may lag behind changes in market rates, which may cause the value of such securities to decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities. The Fund’s yield, returns, and performance may be adversely affected by changing interest rates and the Fund’s NAV per share may be more volatile during changing interest rate environments. Changes in fiscal, economic, monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in high portfolio </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">turnover costs and lower valuations, thereby adversely affecting the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Leveraging Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund achieves leveraged exposure to the underlying index through the use of derivative </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">instruments. The more the Fund invests in leveraged instruments, the more this leverage will magnify any losses on those investments. The Fund’s investment in these instruments generally requires a small investment relative to the amount of investment exposure assumed. As a result, such investments may give rise to losses that exceed the amount invested in those instruments. Since the Fund’s investment strategy involves consistently applied leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index. Leverage will have the effect of magnifying tracking error and also may increase the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">sensitivity to various risks and interest rate environments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Liquidity and Valuation Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—It may be difficult for the Fund to purchase and sell particular investments to meet </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">redemption requests or otherwise within a reasonable time at a fair price, or the price at which it has been valued by the Advisor for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to realize what the Advisor believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Liquidity and valuation risks are heightened in a </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">changing interest rate or volatile environment particularly for fixed-income and other debt instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The value of, or income generated by, the investments held by the Fund may fluctuate rapidly and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">unpredictably. These fluctuations may be frequent and significant. In addition, the Fund may incur losses as a result of various market and economic factors, such as those affecting (or perceived to affect) individual companies or issuers or particular industries, or from broader influences, such as general market conditions. In addition, responses to government actions or interventions (including, but not limited, to the threat or imposition of tariffs, trade </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">restrictions, currency restrictions or similar actions) as well as developments related to economic, political (including geopolitical), social, public health, market, extreme weather, natural or man-made disasters or other conditions or events may cause volatility in financial markets and reduced liquidity in equity, credit and/or debt markets, which could adversely impact the Fund and its investments and their value and performance. Under such conditions, the Fund (or an underlying fund) may experience significant redemption activity by shareholders and could be forced to sell portfolio securities or other assets at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Certain securities may be difficult to value under such conditions. The Fund’s investments may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">perform poorly or underperform the general securities markets or other types of securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is considered non-diversified and can invest a greater portion of its assets in </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">securities of individual issuers than a diversified fund. As a result, changes in the market value of a single issuer's securities could cause greater fluctuations in the value of Fund shares than would occur in a diversified fund. The Fund may become diversified for periods of time solely as a result of changes in the composition of the underlying </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">index (</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;">e.g.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">, changes in the relative market capitalization or weights of one or more index component stocks).</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">OTC Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Certain of the derivatives in which the Fund may invest may be traded (and privately </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">negotiated) in the OTC market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated and provides for less transparency than a national securities or commodities exchange. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">such derivatives contracts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Passive Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is not actively managed and the Advisor does not attempt to take defensive </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">positions in rising markets. Therefore, the Fund may be subject to greater losses in a rising market than a fund that is </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">actively managed.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Periodic rebalancing of the Fund's holdings  pursuant to its daily investment objective </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">may lead to a greater number of portfolio transactions in the Fund than experienced by other mutual funds. Such frequent and active trading may lead to significantly higher transaction costs because of increased broker </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">commissions associated with such transactions.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Real Estate Investment Trusts (“REITs”) Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—REITs are classified as equity REITs, mortgage REITs or hybrid </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">REITs. Equity REITs own real estate directly and the value of, and income earned by, the REITs depends upon the income of the underlying properties and the rental income they earn. Mortgage REITs make construction, development or long-term mortgage loans and are sensitive to the credit quality of the borrower. Mortgage REITs derive their income from interest earned on such mortgage loans. Hybrid REITs generally hold both ownership interests and mortgage interests in real estate. In addition to the risks pertaining to real estate investments more generally, REITs may be subject to additional risks, including risks associated with the direct ownership of real property, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. REITs (especially mortgage REITs) also are subject to interest rate and prepayment risks. The value of a REIT can depend on the structure of, and cash flow generated by, the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. U.S. REITs also are subject to certain provisions under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and the Fund and its shareholders will incur its pro rata share of the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">underlying expenses.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Regulatory and Legal Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. and non-U.S. governmental agencies and other regulators regularly implement </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">additional regulations (or amend regulations) and legislators pass new laws that affect the investments held by the Fund, the strategies used by the Fund and/or the level of regulation or taxation applicable to the Fund, its investments or service providers. These developments impact the investment strategies, performance, costs and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">operations of the Fund or taxation of shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Repurchase Agreement Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund’s investment in repurchase agreements may be subject to market and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">of the repurchase agreement term.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Sector Risk</span><span style="font-family:Arial;font-size:10.02pt;">—To the extent the components of the Fund’s underlying index, and therefore, the Fund’s holdings, have </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">significant exposure to one or more market sectors, the Fund may be especially sensitive to the developments affecting and risks of such market sectors. The sectors to which the underlying index components, and thus the Fund’s assets, may have significant exposure will vary as the composition of the underlying index changes over time. </span><span style="font-family:Arial;font-size:10.02pt;">As of June 30, 2026, the Fund is subject to the Sector Risks described below.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Consumer Discretionary Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">in the Consumer Discretionary Sector. The manufacturing segment of the Consumer Discretionary Sector includes automobiles and components, household durable goods, leisure products, and textiles and apparel. The services segment includes hotels, restaurants and other leisure facilities, and distributors and retailers of consumer discretionary products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Consumer Discretionary Sector. The performance of companies operating in the Consumer Discretionary Sector has historically been closely tied to the performance of the overall economy, and also is affected by economic growth, consumer confidence, attitudes and spending. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer products and services in the marketplace. Moreover, the Consumer Discretionary Sector encompasses those businesses </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">that tend to be the most sensitive to economic cycles.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Energy Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Energy </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Energy Sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels. It also includes companies that offer oil and gas equipment and related services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Energy Sector. The Energy Sector has historically experienced substantial price volatility. The performance of companies operating in the Energy Sector is closely tied to the price and supply of energy fuels and international political events, and companies operating in the Energy Sector are subject to market and other specific risks, including, among others: fluctuations in commodity prices and/or interest rates; increased governmental or environmental regulation or policy; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; declines in domestic or foreign production or consumption; slowdowns in new construction; extreme weather or other natural disasters; consumer preferences; and threats of attack by terrorists and state-sponsored actors on energy assets. </span><span style="font-family:Arial;font-size:10.02pt;">In addition,</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">companies in the Energy Sector are at risk of liability from </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">accidents resulting in injury, loss of life or property, pollution or other environmental damage claims. Energy companies also can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas), which may result in overproduction or underproduction. Over time, depletion of natural </span><span style="font-family:Arial;font-size:10.02pt;">gas reserves and other energy reserves may also affect the profitability of energy companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Financials </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Financials Sector includes companies involved in banking, financial services (including commercial and residential mortgage finance), consumer finance, capital markets (including asset management and custody banks, investment banking and brokerage), Mortgage Real Estate Investment Trusts (REITs), and insurance. Certain Financials Sector issuers serve as counterparties with which the Fund may enter into derivatives agreements or other similar contractual arrangements. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Financials Sector, which may adversely affect a company's ability to fulfill its obligations as a financial counterparty. Companies operating in the Financials Sector are subject to extensive government regulation, which may limit the financial commitments they can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds and may fluctuate significantly when interest rates change or due to </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">increased competition.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Health Care Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Health </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Care Sector. The Health Care Sector includes health care providers and services, companies that manufacture and distribute health care equipment and supplies, and health care technology companies. It also includes companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Health Care Sector. The </span><span style="font-family:Arial;font-size:10.02pt;">performance of companies operating in the Health Care </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector is closely tied to government regulation and policies (such as health care reform measures)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">and may be </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">affected by government approval of products and services, competitive pricing pressures, rising costs of medical products and services, product obsolescence, and product liability and other similar litigation. In addition,</span><span style="font-family:Arial;font-size:10.02pt;"> companies operating in the Health Care Sector are heavily dependent on patent and other intellectual </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">property rights</span><span style="font-family:Arial;font-size:10.02pt;">, and a company’s ability to obtain and protect its patents</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">(or the failure to do so)</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;">may affect profitability.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Industrials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund’s investments are exposed to issuers conducting business in the Industrials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Industrials Sector includes manufacturers and distributors of capital goods, such as aerospace and defense, building projects, electrical equipment and machinery, and companies that offer construction and engineering services. The Industrials Sector also includes providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services, and transportation services. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Industrials Sector. The prices of the securities of companies operating in the Industrials Sector may fluctuate due to the level and volatility of commodity prices, the exchange value of the dollar</span><span style="font-family:Arial;font-size:10.02pt;"> and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">economic conditions</span><span style="font-family:Arial;font-size:10.02pt;">, import controls, worldwide competition, product liability claims, liability for environmental </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">damage, depletion of resources, and mandated expenditures for safety and pollution control devices.</span><span style="font-family:Arial;font-size:10.02pt;"> In </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">addition, the products of companies operating in the Industrials Sector may face obsolescence due to rapid </span><span style="font-family:Arial;font-size:10.02pt;">technological developments and the rapid introduction of new products.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Information Technology Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the Information Technology Sector. The Information Technology Sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment (</span><span style="font-family:Arial;font-size:10.02pt;">such as communications equipment, cellular phones, computers and peripherals), electronic equipment and </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">related </span><span style="font-family:Arial;font-size:10.02pt;">equipment and materials, and semiconductors and related equipment and materials. The Fund is </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Information Technology Sector. </span><span style="font-family:Arial;font-size:10.02pt;">Companies in the Information Technology Sector may be affected by limited product lines, </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">market competition (both domestically and internationally), financial resources and/or personnel.</span><span style="font-family:Arial;font-size:10.02pt;"> The prices of </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">the securities of companies operating in the Information Technology Sector are closely tied to </span><span style="font-family:Arial;font-size:10.02pt;">increased </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">sensitivity to short product cycles and </span><span style="font-family:Arial;font-size:10.02pt;">product obsolescence, aggressive pricing, and problems with bringing </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">products to market.</span><span style="font-family:Arial;font-size:10.02pt;"> Failure to introduce new products, develop and maintain a loyal customer base, or achieve </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">general market acceptance for products could have a material adverse effect on a company’s business. In addition, companies in the Information Technology Sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these </span><span style="font-family:Arial;font-size:10.02pt;">companies.</span> <span style="font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Materials Sector Risk.</span><span style="font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Materials </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Sector. The Materials Sector includes companies that manufacture chemicals, construction materials, forest products, glass, paper and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Materials Sector. The prices of the securities of companies operating in the Materials Sector may fluctuate widely due to fluctuations in supply and demand for basic materials, volatility of commodity prices, the exchange value of the U.S. dollar, import controls, world economic growth and competition, depletion of resources and energy conservation, liability for environmental damage, technological progress, and government regulations, including international political and economic developments, the environmental impact of energy and basic materials operations and tax and other governmental regulatory </span><span style="font-family:Arial;font-size:10.02pt;">policies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-style:italic;font-weight:bold;margin-left:0.00%;">Real Estate Sector Risk.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;"> The Fund's investments are exposed to issuers conducting business in the Real </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">Estate Sector. The Real Estate Sector includes companies operating in real estate development and operations. It also includes companies offering real estate-related services and REITs. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting the Real Estate Sector. The performance of companies operating in the Real Estate Sector has historically been cyclical and particularly sensitive to the overall economy and market changes, including declines in the value of real estate </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0.00%;">or, conversely, saturation of the real estate market, economic downturns and defaults by borrowers or tenants during such periods, increases in competition, limited availability of mortgage funds or other limits to accessing </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the credit or capital markets, and changes in interest rates.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Shareholder Trading Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund may be used as a tool for certain investors that employ trading strategies </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">involving frequent trading. Such trading strategies may lead to increased portfolio turnover in the Fund, higher transaction costs, and the possibility of increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them) and/or long-term capital gains.  Large movements of assets into and out of the Fund due to active or frequent trading also may adversely affect the Fund's ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Short Sale and Short Exposure Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—Short selling a security involves selling a borrowed security with the </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">expectation that the value of that security will decline, so that the security may be purchased at a lower price when returning the borrowed security. A short exposure through a derivative exposes the Fund to counterparty credit and leverage risks. The loss on a short sale or other short exposure, which, in some cases, may be theoretically unlimited, may be greater than a direct investment in the security itself because the price of the borrowed security may rise, thereby increasing the price at which the security must be purchased. Government actions also may affect </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">the Fund’s ability to engage in short selling.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Small-Capitalization Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund is subject to the risk that small-capitalization securities may </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">outperform other segments of the equity market or the equity market as a whole. Securities of small-capitalization companies may be more speculative, volatile and less liquid than securities of larger companies. Small-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources and may be more vulnerable to adverse developments than mid- or large-capitalization </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">companies.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Tracking Error Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Advisor may not be able to cause the Fund’s performance to match that of the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">benchmark, either on a daily or aggregate basis. Factors such as Fund expenses, imperfect correlation between the Fund’s investments and those of the underlying index, rounding of share prices, changes to the composition of the underlying index, regulatory policies, high portfolio turnover rate, and the use of leverage all contribute to tracking </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">error. Tracking error may cause the Fund’s performance to be less than you expect.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—The Fund typically will hold futures contracts and short-term options. The major exchanges on </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">which these contracts are traded, such as the Chicago Mercantile Exchange, have established limits on how much the trading price of a futures contract or option may decline over various time periods within a day, and may halt trading in a contract that exceeds such limits. If a trading halt occurs, the Fund may temporarily be unable to purchase or sell certain securities, futures contracts or options. Such a trading halt near the time the Fund prices its shares may limit the Fund’s ability to use leverage and fully invest its assets, which could increase tracking error and </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">adversely affect performance, and may prevent the Fund from achieving its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;margin-left:0%;">U.S. Government Securities Risk</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">—U.S. government securities may or may not be backed by the full faith and credit </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">of the U.S. government. U.S. government securities are subject to the risks associated with fixed income and debt securities, particularly interest rate risk and credit risk. In addition, U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">securities.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;font-weight:bold;">PERFORMANCE INFORMATION</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span><span style="font-family:Arial;font-size:10.02pt;"> The table below shows the </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">performance of the Class H shares of the Fund as an average over different periods of time in comparison to the performance of a broad-based securities market index intended to represent the overall market (S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index) </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">and the Fund's underlying index (Russell 2000</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index). The Fund does not seek to track the S&amp;P 500</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial;font-size:10.02pt;"> Index. The </span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">figures in the bar chart and table assume the reinvestment of dividends and capital gains distributions. The performance information below reflects applicable fee waivers and/or expense limitations in effect during the periods shown. </span><span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">Updated performance information is available on the Fund’s website at </span><span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span><span style="font-family:Arial;font-size:10.02pt;"> or by </span><span style="font-family:Arial;font-size:10.02pt;">calling </span><span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span><span style="font-family:Arial;font-size:10.02pt;">.</span> <span style="font-family:Arial;font-size:10.02pt;margin-left:0%;">The bar chart below shows the performance of the Class H shares of the Fund from year to year. The variability of performance over time provides an indication of the risks of investing in the Fund.</span> <span style="font-family:Arial;font-size:10.02pt;">Of course, this past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10.02pt;">www.guggenheiminvestments.com</span> <span style="font-family:Arial;font-size:10.02pt;">1-800-820-0888</span> <span style="font-family:Arial;font-size:10.02pt;">The performance information shown below for Class H shares is based on a calendar year.</span> <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">During the periods shown in </span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">the chart above:</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Quarter Ended</span><span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">Return</span><span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2026</span><span style="font-family:Arial;font-size:10.02pt;">-34.24%</span><span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10.02pt;">55.89%</span><span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span><span style="font-family:Arial;font-size:10.02pt;">June 30, 2020</span><span style="font-family:Arial;font-size:10.02pt;">-46.73%</span> <span style="font-family:Arial;font-size:10.02pt;">Year-to-Date </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(not reflected in </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">chart above)</span> 2026-06-30 -0.3424 <span style="font-family:Arial;font-size:10.02pt;">Highest Quarter</span> 2020-03-31 0.5589 <span style="font-family:Arial;font-size:10.02pt;">Lowest Quarter</span> 2020-06-30 -0.4673 <span style="font-family:Arial;font-size:10.02pt;font-weight:bold;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="font-family:Arial;font-size:10.02pt;line-height:12.02pt;"> </span><span style="font-family:Arial;font-size:10.02pt;font-style:italic;">(for periods ended December 31, 2025)</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">After-tax returns shown in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10.02pt;">Actual after-tax returns depend on an </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;margin-left:0%;">investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10.02pt;">hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> -0.2573 -0.1856 -0.2645 -0.2690 -0.1930 -0.2681 -0.1526 -0.1274 -0.1218 0.1788 0.1442 0.1482 0.1281 0.0609 0.0962 “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets. The Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund's expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets. In addition, the Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund's expenses in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The NASDAQ-100 Index® is a modified capitalization-weighted index designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets. The Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund's expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets. In addition, the Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund's expenses in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The NASDAQ-100 Index® is a modified capitalization-weighted index designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Dow Jones Industrial Average® (The Dow®) is a price-weighted index of 30 U.S. blue-chip companies that covers all industries except transportation and utilities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Dow Jones Industrial Average® (The Dow®) is a price-weighted index of 30 U.S. blue-chip companies that covers all industries except transportation and utilities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The NASDAQ-100 Index® is a modified capitalization-weighted index designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The NASDAQ-100 Index® is a modified capitalization-weighted index designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Dow Jones Industrial Average® (The Dow®) is a price-weighted index of 30 U.S. blue-chip companies that covers all industries except transportation and utilities. “Other Expenses” does not include fees paid to the Fund’s swap contract counterparties, or the management fees, performance fees, and expenses of the reference assets or trading vehicles underlying such swap contracts. These fees and expenses, which are not reflected in this Annual Fund Operating Expenses table, are embedded in the returns of the swap contracts (i.e., the fees and expenses reduce the investment returns of the swap contracts) and represent an indirect cost of investing in the Fund. The Advisor has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. In addition, the Advisor also has contractually agreed, through August 1, 2027, to waive and/or reimburse the Fund’s expenses in an additional amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. Each agreement shall automatically renew for one-year terms unless the Advisor provides written notice to the Fund of the termination of the agreement. Each agreement may be terminated at any time by the Fund’s Board of Trustees and when the Advisor ceases to serve as such. The S&P 500® Index is a broad-based index that includes 500 leading companies and covers approximately 80% of available market capitalization. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The Dow Jones Industrial Average® (The Dow®) is a price-weighted index of 30 U.S. blue-chip companies that covers all industries except transportation and utilities.