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oef:RiskLoseMoneyMember 2026-08-14 2026-08-14 0001976322 CIK0001976322:S000107926Member oef:RiskNondiversifiedStatusMember 2026-08-14 2026-08-14 0001976322 CIK0001976322:S000107916Member oef:RiskLoseMoneyMember 2026-08-14 2026-08-14 0001976322 CIK0001976322:S000107916Member oef:RiskNondiversifiedStatusMember 2026-08-14 2026-08-14 0001976322 CIK0001976322:S000107930Member oef:RiskLoseMoneyMember 2026-08-14 2026-08-14 0001976322 CIK0001976322:S000107930Member oef:RiskNondiversifiedStatusMember 2026-08-14 2026-08-14 iso4217:USD pure false 485BPOS 0001976322 2026-08-14 N-1A Themes ETF Trust 2026-08-18 Leverage Shares 2X Long DELL Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of DELL. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z9EBncKfP602"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zUBLUzanNdth" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260814__20260814__dei--LegalEntityAxis__custom--S000107925Member__oef--ClassAxis__custom--C000278900Member_zpkuTWgQOHAf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zmiXSkDsDEFc"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zibkMgdDxcI4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zIQiqgjAkB7l"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zi3c34Lsm5Id"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F10_zFQDtrIGRmE1" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1B_z1KV8rAq32t9" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1A_zWnktdrEgYzi" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrMAz2TO3SZ1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zgE9l3XAbTZ5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48C_eoef--ExpenseExampleYear01_zylJsUXi0DNa" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zQgJu2Cc3YDl" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_414_20260814__20260814__dei--LegalEntityAxis__custom--S000107925Member__oef--ClassAxis__custom--C000278900Member_zJOnHw5r2gPf"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Dell Technologies, Inc is a technology company that provides information technology infrastructure, personal computing devices, software and services. Through its Infrastructure Solutions Group and Client Solutions Group segments, Dell offers servers, storage, networking products, personal computers, workstations and related services to businesses, governments and consumers worldwide. The common stock of Dell Technologies, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-37867 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ziE2ZwZdWho8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 44.55%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 60.07%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 27.70%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DellTechnologiesIncInvestingRiskMember_zE9y5WscUVh6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Dell Technologies, Inc., Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Dell Technologies, Inc. faces risks that include, but are not limited to: its business depends on continued demand for servers, storage, networking products, personal computers and related services, and reductions in customer spending or delays in technology investments could adversely affect its results; it faces intense competition in the markets in which it operates, including from companies with significant financial, technological and market resources; its growth strategy increasingly depends on demand for artificial intelligence infrastructure and AI-optimized servers, and changes in customer adoption, spending patterns or technology trends could adversely affect its business; it relies on third-party suppliers and manufacturers for key components and products, including semiconductors, and disruptions, shortages, cost increases or delays in its supply chain could adversely affect its operations and profitability; its business is subject to risks associated with managing large enterprise and cloud customer relationships, including customer concentration, contract execution and the timing of large orders; cybersecurity incidents, data breaches, product security vulnerabilities or failures of information technology systems could result in financial losses, reputational harm and legal liability; its international operations expose it to risks associated with geopolitical developments, trade restrictions, tariffs, sanctions, foreign currency fluctuations and changing regulatory requirements; and its business may be adversely affected by economic uncertainty, inflation, interest rates and fluctuations in demand for information technology products and services. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zoEoapmioH9k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zY6Yt9tqwu3j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdZjMZ0mqhZa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zLg0oy6Yg2U5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z1u4s1kzqD61" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zNY3kBkNzRyc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long NOW Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of NOW. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_znS8hGsFovsa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zRv1NW2W68q7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260814__20260814__dei--LegalEntityAxis__custom--S000107914Member__oef--ClassAxis__custom--C000278889Member_z6ccTBpFTaP1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z4bRor42fDE4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2gO8zh3mOG4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zvyqNIXViBT8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zflwBrESU47k"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1C_zkZiSug7JWDd" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F11_zd6VEggJMgel" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1D_zCh8CHyouCvg" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8TIiy29ZGFd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zyUwdN52nca9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48C_eoef--ExpenseExampleYear01_zR5Y95h9umQl" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zn5rz8MLFrX7" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_416_20260814__20260814__dei--LegalEntityAxis__custom--S000107914Member__oef--ClassAxis__custom--C000278889Member_z0o1zQL6Ezdl"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. ServiceNow, Inc. is a software company that provides a cloud-based artificial intelligence (“AI”) platform designed to help organizations automate and manage digital workflows across enterprise functions. The company’s platform enables customers to improve productivity and efficiency across information technology, customer service, human resources, finance, supply chain and other business operations. The common stock of ServiceNow, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-35580 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zHU9RuSaHL55" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 40.37%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 55.79%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 6.83%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ServicenowIncInvestingRiskMember_z87QEqvjNtp8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">ServiceNow, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this Prospectus, in addition to the risks associated with the software and services industry, ServiceNow, Inc. is subject to risks that include, but are not limited to: its ability to attract new customers and expand sales to existing customers; its ability to develop, enhance and achieve customer adoption of new products, including artificial intelligence-enabled offerings; intense competition in the markets in which it operates, including from larger and more established technology companies; its dependence on the availability, performance and security of its cloud-based platform and underlying infrastructure; cybersecurity incidents, data breaches, privacy concerns or unauthorized access to customer data that could result in reputational harm, regulatory scrutiny and liability; its ability to manage future growth, maintain high levels of customer satisfaction and retain key personnel; risks associated with evolving laws and regulations relating to data privacy, artificial intelligence and the use of customer data; its reliance on third-party service providers and strategic partners; and adverse economic conditions or reductions in enterprise technology spending that could negatively affect customer demand for its products and services. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zRg90WHEDxMa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial Intelligence Risk. Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zAmzBJhvIf3l" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z505OPw8nWGk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry. Software and Services Industry Risk. Companies in the software and services industry are subject to intense competition, rapid technological change, evolving industry standards and changing customer preferences. The success of these companies depends on their ability to develop, introduce and support new products and services, attract and retain skilled personnel and protect their intellectual property. Software and services companies may also be adversely affected by pricing pressures, cybersecurity incidents, changing technology spending patterns and the risk of product obsolescence. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z3wzRPr9K1he" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zP4rH610RQW" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zoOn0mzKEeN" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zO32KKnVa9Gb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zujfYPowHIPa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zATOlRz4UVhi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long MU Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of MU. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zQDWH9Abp5i7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zleEnlQ7xeIb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_499_20260814__20260814__dei--LegalEntityAxis__custom--S000107913Member__oef--ClassAxis__custom--C000278888Member_znvQcxq6jo9a" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zZDS9jhhrum4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOuwEvIcQhId"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zAnhASpzW4ji"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z3WSBIcxhid8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F17_zYIyIGoUEgs5" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F13_zCl44K8OjQ2g" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F14_z1GuMHPtlcWi" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZ2CcDD0gxH"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zhAXuEoWBOL3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48B_eoef--ExpenseExampleYear01_zhS1QYXKdRO5" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zKBNFqMf7FRc" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_411_20260814__20260814__dei--LegalEntityAxis__custom--S000107913Member__oef--ClassAxis__custom--C000278888Member_zT2hu5pv8OY1"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Micron Technology, Inc. is a semiconductor company that designs, develops, manufactures and sells memory and storage products. The company’s portfolio includes dynamic random access memory (DRAM), NAND flash memory, NOR memory and solid-state storage products used in data centers, artificial intelligence applications, personal computers, mobile devices, automotive systems and industrial applications. The common stock of Micron Technology, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-10658 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zjsFM45TMFs8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 48.50%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 62.61%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 30.58%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicronTechnologyIncInvestingRiskMember_zlvkSgnfUGbi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Micron Technology, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Micron Technology, Inc. faces risks that include, but are not limited to: the highly cyclical nature of the memory and storage industry, including significant fluctuations in supply, demand and pricing for DRAM and NAND products; its operating results may be adversely affected by changes in customer demand, inventory levels and capital spending by data center, consumer electronics and other end markets; its business depends on successful development and commercialization of advanced memory technologies, including high-bandwidth memory products used in artificial intelligence applications; it faces intense competition from a limited number of large global competitors, and competitive pricing, capacity expansion or technological advances by competitors could adversely affect its business; its operations depend on complex manufacturing processes, advanced equipment, raw materials and a global supply chain, and disruptions, shortages, production delays or yield issues could negatively impact results; government regulations, export controls, tariffs, trade restrictions and geopolitical developments may limit its ability to sell products or conduct operations in certain markets; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations; and its business requires substantial capital expenditures and investments, which may not generate anticipated returns. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zJtGam2QGD15" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial Intelligence Risk. Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z9GQTTdyfJpf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zS6FsYe6uLJ6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. Semiconductors and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zxpdJ00PI4D9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zGzeQJ9lj3Zf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zCh1eQkq95H2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z9C5aC2UYmG7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zmN5n215pwL5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zchuY5isQLXi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long IBM Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of IBM. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zjUqNN7D3Emk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zzB4KPOXqsb4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260814__20260814__dei--LegalEntityAxis__custom--S000107909Member__oef--ClassAxis__custom--C000278884Member_zRz7L7VpDsIk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zhXtBijhUmI4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_znQwYrdQEiHh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zaHXRroTWiDh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zHBEJkYhmcI6"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F10_zX0Cq2kepL58" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F14_zNO7fEoM8Xmh" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F16_zaLZytYlHhfj" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKHU5FVvImta"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zHagezlfhL99" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_486_eoef--ExpenseExampleYear01_z59nMPIbZA4e" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_z8yxRwHIaNfc" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_411_20260814__20260814__dei--LegalEntityAxis__custom--S000107909Member__oef--ClassAxis__custom--C000278884Member_z2BgR1dZFyNe"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. International Business Machines Corporation provides hybrid cloud and artificial intelligence solutions, software, consulting services and infrastructure technologies. The company helps enterprises deploy and manage applications, data and information technology environments across public and private cloud platforms and on-premises systems. The common stock of International Business Machines Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-2360 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zL5BpGEXx4rl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 23.96%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 30.27%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 18.67%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessMachinesCorporationInvestingRiskMember_zAoldrveFDl4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">International Business Machines Corporation Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this Prospectus, in addition to the risks associated with the software and services industry, International Business Machines Corporation is subject to risks that include, but are not limited to: its ability to successfully execute its hybrid cloud and artificial intelligence growth strategy and achieve anticipated benefits from investments, acquisitions and strategic initiatives; its ability to develop, enhance and commercialize new products and services in rapidly evolving technology markets; intense competition from established and emerging technology providers, including cloud computing, software and artificial intelligence companies; its dependence on customer demand for technology spending and digital transformation initiatives; cybersecurity incidents, data breaches, system disruptions or failures that could adversely affect its operations, customers and reputation; its reliance on a global workforce, strategic partners, suppliers and third-party service providers; risks associated with managing a large international business, including geopolitical developments, trade restrictions, regulatory changes and foreign currency fluctuations; its ability to attract, retain and develop skilled personnel; and its substantial pension obligations, financing activities and other long-term commitments, which may be affected by economic conditions, interest rates and market factors. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zGbknnWCSr98" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial Intelligence Risk. Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zoqaB4rM531h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zC29IHkzV7v1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software and services industry. Software and Services Industry Risk. Companies in the software and services industry are subject to intense competition, rapid technological change, evolving industry standards and changing customer preferences. The success of these companies depends on their ability to develop, introduce and support new products and services, attract and retain skilled personnel and protect their intellectual property. Software and services companies may also be adversely affected by pricing pressures, cybersecurity incidents, changing technology spending patterns and the risk of product obsolescence. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zrZBTlo1pRb1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zRlavUtQ0zk5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zMD3iFq6utMc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zLyoAeYTRCRi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zvlFjWigyIBa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zagJ3FGCYWvd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long FIX Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of FIX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zeonICmPlPDg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zt6G8rERDi5g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260814__20260814__dei--LegalEntityAxis__custom--S000107928Member__oef--ClassAxis__custom--C000278903Member_zOSO90PyhSda" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zR5ymY9S3enk"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZ1K8L91wWn8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zzpEe8HjDN3h"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zVm53LBFSCC7"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1D_z0MnRcdFEBmi" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F12_zRULhI1wajGb" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F18_zKp6wswKXYS8" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBPBEFKKZNSc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zdYyM5Uc10Ud" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48E_eoef--ExpenseExampleYear01_zEwhNk04JyKl" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zmneskObbCff" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_413_20260814__20260814__dei--LegalEntityAxis__custom--S000107928Member__oef--ClassAxis__custom--C000278903Member_zuyrGaT2Qgb3"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Comfort Systems USA, Inc. is a mechanical and electrical contracting company that provides installation, renovation, maintenance, repair and replacement services for mechanical, electrical and plumbing systems. The company serves commercial, industrial and institutional customers, including data centers, manufacturing facilities, healthcare facilities, educational institutions and government facilities throughout the United States. The common stock of Comfort Systems USA, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-13011 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z6R8VsljPxFe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 42.98%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 60.89%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 77.71%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ComfortSystemsUsaIncInvestingRiskMember_zrDFh5L9t7e1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Comfort Systems USA, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Comfort Systems USA, Inc. faces risks that include, but are not limited to: its business depends on demand for construction, renovation and maintenance projects, and reductions in commercial, industrial or institutional spending could adversely affect its results; its operating results may be affected by project delays, cancellations, cost overruns, estimating errors, contract disputes or the inability to successfully manage large and complex projects; shortages of skilled labor, subcontractors, materials or equipment, as well as increases in labor and material costs, could adversely affect profitability; a significant portion of its business is derived from large projects, including data center and industrial construction projects, and changes in demand from these markets could negatively impact results; a limited number of customers may account for a significant portion of its revenue, and the loss of, or reduction in business from, a significant customer could adversely affect its business and results of operations; its operations are subject to workplace safety risks, environmental regulations and other governmental requirements that may increase costs or result in liabilities; its growth strategy depends in part on successful acquisitions and integration of acquired businesses; cybersecurity incidents or information technology failures could disrupt its operations, result in the loss or unauthorized disclosure of information or otherwise adversely affect its business; and adverse economic conditions, inflation, interest rates or supply chain disruptions could reduce customer demand and negatively affect its business. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zQSUBq1ZGKVf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zMqbrjO6Jr21" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvtlyCJVYmz2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z8quFS1RiJRl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zYyKBj7xRHch" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zr6a6OJ4hY35" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z7RnuFEY5qM2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CLS Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CLS. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_ztngAwFoFf66"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zOaT2uJ4MFs5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260814__20260814__dei--LegalEntityAxis__custom--S000107919Member__oef--ClassAxis__custom--C000278894Member_z3jOSkaGWPwg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zu6K1X3tIwhk"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBDPVvi7ZCDa"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zxgbnBk8OThb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z1e7WFFm9q4k"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1C_z9nAMfreSW95" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F15_zK7DGK3rEAKi" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F10_zIi1Bswweqfj" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zugfgdszeNOi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zLa726q4bMV7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48B_eoef--ExpenseExampleYear01_z3SMiBcYmIl5" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zaXjCFQairxf" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_415_20260814__20260814__dei--LegalEntityAxis__custom--S000107919Member__oef--ClassAxis__custom--C000278894Member_zaa2b8W33LDh"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Celestica Inc. is a manufacturing solutions company that provides design, engineering, hardware platform and supply chain solutions to customers worldwide. The company serves cloud and communications service providers, hyperscalers and companies operating in industrial, capital equipment, aerospace and defense, health technology and communications markets. Its services include product design and development, component sourcing, electronics manufacturing, systems integration and lifecycle management solutions. The common stock of Celestica Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-14832 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zXehFjz9dT47" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 53.85%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 79.24%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 105.48%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CelesticaIncInvestingRiskMember_z4wawQp8xjU8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Celestica Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Celestica Inc. faces risks that include, but are not limited to: its business depends on customer demand for manufacturing, hardware platform and supply chain solutions, and reductions in customer spending or changes in technology investment cycles could adversely affect its results; a significant portion of its revenue is derived from a limited number of customers, including cloud service providers and hyperscalers, and the loss of, or reduction in business from, a major customer could materially affect its business; it operates in highly competitive markets characterized by pricing pressures, rapid technological change and evolving customer requirements; its business depends on the availability of components, materials and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect operations and profitability; its growth increasingly depends on demand for data center networking, artificial intelligence infrastructure and related hardware platforms, and changes in customer adoption, technology trends or spending patterns could adversely affect results; its global operations expose it to risks associated with geopolitical developments, trade restrictions, regulatory changes, foreign currency fluctuations and international supply chains; and cybersecurity incidents, information technology failures, manufacturing disruptions or quality issues could negatively affect its operations, reputation and financial performance. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z4OpImQsBVPl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zL7t50LhWpwb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zDvx34vW8AWh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zqRVFvRdwne7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zIcwrvQkwyi1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zOq0QiKbGzTk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zVEBHA8HrFPg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zaLnmyzFQR35" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long FLEX Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of FLEX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zPk2rMRZqf5f"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z5eO4QTCWmw6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_492_20260814__20260814__dei--LegalEntityAxis__custom--S000107929Member__oef--ClassAxis__custom--C000278904Member_zKhrswBgJeHd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMrUZnCgdCui"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLJcfdLMtkj3"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zT8eh5aR5dP4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_znUKwtcXQVdb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F14_zjkfnR6jp104" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1A_zqgKV0mI4alh" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F14_zBJjMyJghIJ8" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpHxFMgH6Ewc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zDrJRhamtiGg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_489_eoef--ExpenseExampleYear01_z5oQYAza6Jyd" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zN8N4Ewkbu3c" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_411_20260814__20260814__dei--LegalEntityAxis__custom--S000107929Member__oef--ClassAxis__custom--C000278904Member_zHLW8ayja5ed"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Flex Ltd. is a global manufacturing solutions company that provides design and engineering, supply chain, manufacturing and integrated services to customers across a broad range of industries. The company also provides power and cooling products and solutions. Flex serves customers in data center, healthcare, industrial, automotive, communications and lifestyle markets worldwide. The common stock of Flex Ltd. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 0-23354 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zRElEILPGvw1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 38.06%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 46.05%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 35.81%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. Flex Ltd. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Flex Ltd. faces risks that include, but are not limited to: its business depends on customer demand for manufacturing, design, engineering and supply chain services, and reductions in customer spending or changes in technology investment cycles could adversely affect its results; a significant portion of its revenue is derived from a limited number of customers, and the loss of, or reduction in business from, a major customer could materially affect its business; it operates in highly competitive markets characterized by pricing pressures, technological change and evolving customer requirements; its business depends on the availability of components, raw materials and manufacturing capacity, and supply chain disruptions, component shortages, tariffs, trade restrictions or increases in input costs could adversely affect operations and profitability; its global manufacturing footprint exposes it to risks associated with geopolitical developments, regulatory changes, foreign currency fluctuations, labor availability and international trade policies; its growth strategy depends in part on successful execution in data center, cloud and power infrastructure and other markets, including markets associated with artificial intelligence infrastructure, and investments in these businesses may adversely affect margins or fail to generate anticipated returns; its planned spin-off of its Cloud and Power Infrastructure businesses may not be completed on the terms or timeline currently contemplated, or at all, may involve significant costs and disruptions, and may not achieve the anticipated financial, strategic or operational benefits; cybersecurity incidents, information technology failures, manufacturing disruptions or quality issues could adversely affect its operations and reputation; and its business may be negatively affected by economic downturns, inflation, interest rates or reduced capital spending by customers. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zaTsYPdiFymg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zc5DKd5vV3p4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_ziL18rCFeTB3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zGlUoJMp3QU2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zWQnwQ8FY4fc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z7d1puS4Yxl8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zJf2llx9Dced" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zmnyUMZIfoy4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long HUBB Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of HUBB. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zQc8yZJLuzoi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_z9xlYbe195Hl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260814__20260814__dei--LegalEntityAxis__custom--S000107931Member__oef--ClassAxis__custom--C000278906Member_zYMRVkdZvM84" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zftleVbzHTx9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMLUSWGSWT06"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z9bR4VeNNgCe"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zG6gxOrbnw32"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1B_zSimsNUxQZP7" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1F_zSd9HccLONXj" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F14_z6W5DwAPdo7j" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjdd5FgBape9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z981bB44VVV8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_zTxlQAlSC5G9" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zqMup7umyZyh" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41E_20260814__20260814__dei--LegalEntityAxis__custom--S000107931Member__oef--ClassAxis__custom--C000278906Member_zLESRXeIe4fj"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Hubbell Incorporated is a manufacturer of utility and electrical solutions for critical infrastructure applications. The company operates through its Utility Solutions and Electrical Solutions segments, providing products and services used in electric transmission and distribution systems, grid modernization, electrification, communications networks, data centers, industrial facilities and other non-residential infrastructure markets. The common stock of Hubbell Incorporated is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-2958 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zu7qgoxwTzVl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 28.58%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 31.84%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 23.15%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HubbellIncorporatedInvestingRiskMember_z2W6KtNudfb5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Hubbell Incorporated Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Hubbell Incorporated faces risks that include, but are not limited to: its business depends on utility, industrial and non-residential infrastructure spending, and reductions in customer capital expenditures or delays in infrastructure projects could adversely affect its results; demand for its products may be affected by utility grid investment cycles, construction activity, electrification initiatives and general economic conditions; it operates in highly competitive markets and may be adversely affected by pricing pressures, changing customer requirements and technological developments; its operations depend on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, inflation, tariffs or increases in input costs could adversely affect profitability; its business is subject to risks associated with executing acquisitions and integrating acquired businesses; its global operations expose it to risks associated with geopolitical developments, trade restrictions, regulatory changes and foreign currency fluctuations; cybersecurity incidents, information technology failures, product defects or manufacturing disruptions could adversely affect its operations and reputation; and its business may be negatively affected by changes in government policies, environmental regulations, utility spending priorities or broader economic conditions. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zAcm0J2OAcoi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zSRjenisAy81" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z4vXUesLv7mc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zEhcpquPUQSa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zxpQJ9JfXOdh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zfGY69tjTI73" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z07ZdEN0DuO4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zCHUDmEfQve3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long ROK Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of ROK. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zHI2e4LP1sCc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zZtdnWh2Ccoe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20260814__20260814__dei--LegalEntityAxis__custom--S000107917Member__oef--ClassAxis__custom--C000278892Member_zsljeC9aJKK" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zWQR5odituEi"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMLfq7VOgbE"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zcvMycW6q0Fd"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zI2vE9aUGfN4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F18_zzCwf9OuyXBk" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F14_zwm2DLotMVg3" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1B_z1I8axfxg8Og" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zP6xLU6PHKt6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zOBk0D5Hc233" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_z408tRfeHyD1" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_zz5imaht50nk" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107917Member__oef--ClassAxis__custom--C000278892Member_zeW4mzEsN9Ob"> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Rockwell Automation Inc. is an industrial automation and digital transformation company that provides hardware, software and services designed to improve the productivity, sustainability and efficiency of industrial operations. The company offers control systems, industrial software, intelligent devices and lifecycle services that help manufacturers and other industrial customers automate, monitor and optimize their operations worldwide. The common stock of Rockwell Automation, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-12383 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zJb2uhPVB38b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 30.87%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 36.94%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 9.18%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RockwellAutomationIncInvestingRiskMember_zLHdg7ReNqJl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Rockwell Automation, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Rockwell Automation, Inc. faces risks that include, but are not limited to: its business depends on capital spending by manufacturers and other industrial customers, and reductions, delays or cancellations of automation, digitalization or industrial infrastructure projects could adversely affect its results; demand for its products and services may be affected by economic conditions, industrial production levels, supply chain activity and customer investment cycles; it operates in highly competitive markets characterized by rapid technological change and evolving customer requirements; its ability to develop, commercialize and achieve customer adoption of new automation, software and digital solutions is important to its growth strategy; its operations depend on the availability of components, raw materials and manufacturing capacity, and supply chain disruptions, component shortages, tariffs or increases in input costs could adversely affect profitability; its business is subject to risks associated with cybersecurity incidents, information technology failures and vulnerabilities in connected industrial systems; its global operations expose it to risks associated with geopolitical developments, trade restrictions, regulatory changes and foreign currency fluctuations; and its growth strategy depends in part on successful acquisitions, strategic partnerships and integration of acquired businesses. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z5pFJng847Ok" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zpkVUvnqFAs8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z1k3gYk9Bwub" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_znajWRqAZO41" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z6LJJ1r8rwM6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zSB4H1c1XWdd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long EMR Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of EMR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_ztzgZ9f1gwb9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_z1Rr9372AUt7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260814__20260814__dei--LegalEntityAxis__custom--S000107927Member__oef--ClassAxis__custom--C000278902Member_zrsc909OGYl2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zRmxd66CjNH2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjkXceO4VENl"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z3vtDoitZnIa"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zIOTQGaaCoo"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1D_zlLn9GAPab9g" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1F_zJaS2qEYFTX" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F10_zChTsm8XUyQa" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzImRBwsiCIc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zHBvY9qehhkj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_489_eoef--ExpenseExampleYear01_zRRgGqzRTyV7" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zcuElK4x0E01" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107927Member__oef--ClassAxis__custom--C000278902Member_zhimP2bPRTDe"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Emerson Electric Co. is a global technology and industrial software company that provides automation solutions for process, hybrid and discrete industries. The company’s products, software and services help customers optimize operations, improve productivity, enhance reliability and advance sustainability initiatives across industrial, energy, power, life sciences and infrastructure markets. The common stock of Emerson Electric Co. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-278 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zaYU9jiCz2ri" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 25.87%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 30.15%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 10.55%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmersonElectricCoInvestingRiskMember_zCGPVQ7L1sMc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Emerson Electric Co. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Emerson Electric Co. faces risks that include, but are not limited to: its business depends on capital spending by industrial, commercial and energy customers, and reductions, delays or cancellations of customer projects could adversely affect its results; demand for its products, software and services may be affected by economic conditions, industrial production levels, energy market activity and customer investment cycles; it operates in highly competitive markets characterized by technological change and evolving customer requirements; its ability to successfully develop, commercialize and integrate automation technologies, industrial software and digital solutions is important to its growth strategy; its business is subject to risks associated with acquisitions, divestitures, strategic investments and the integration of acquired businesses; its operations depend on the availability of components, raw materials and manufacturing capacity, and supply chain disruptions, component shortages, tariffs or increases in input costs could adversely affect profitability; cybersecurity incidents, information technology failures or vulnerabilities affecting its products, systems or customers could negatively affect its business and reputation; its global operations expose it to risks associated with geopolitical developments, trade restrictions, regulatory changes and foreign currency fluctuations; and changes in environmental, safety or other governmental regulations could increase costs or adversely affect customer demand. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zteK9GoXjpmi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z7hM7zyE8NBf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7K0DGV7s4Uj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zZINT8Tmihn" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z3wE9zjT0XIb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zepSxNpnnZx6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zbX8vPxxcpr1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SANM Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of SANM. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zuoc6Y0zIcF8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zfNUkhJUoDmh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_495_20260814__20260814__dei--LegalEntityAxis__custom--S000107918Member__oef--ClassAxis__custom--C000278893Member_zksbIqyO80eb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zLbJ5SNf6Guk"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEaqj9OMli0f"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zzuJYdkXVX98"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zEj7qpcT5dke"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F17_zE8WdWc1tKLb" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1B_zWW79PzksHsh" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F12_z7nyKm2e9IUb" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuMMauJgePzd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zelTNXJepfm1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_487_eoef--ExpenseExampleYear01_zkXtUXtU6Z6l" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zKG2byxMloxj" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_419_20260814__20260814__dei--LegalEntityAxis__custom--S000107918Member__oef--ClassAxis__custom--C000278893Member_zD7HgaUCFphj"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Sanmina Corporation is an integrated manufacturing solutions company that provides design, engineering, manufacturing and logistics services to customers in the communications, cloud infrastructure, medical, industrial, defense and aerospace, automotive and semiconductor industries. The company offers product design, printed circuit board manufacturing, systems integration, supply chain management and lifecycle services to customers worldwide. The common stock of Sanmina Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 0-21272 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zS1kU5qZF61k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 39.98%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 56.32%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 36.31%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SanminaCorporationInvestingRiskMember_z05kmVA5Fl8e" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Sanmina Corporation Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Sanmina Corporation faces risks that include, but are not limited to: its business depends on customer demand for manufacturing, engineering and supply chain solutions, and reductions in customer spending or changes in technology investment cycles could adversely affect its results; a significant portion of its revenue is derived from a limited number of customers, and the loss of, or reduction in business from, a major customer could materially affect its business; it operates in highly competitive markets characterized by pricing pressures, rapid technological change and evolving customer requirements; its operations depend on the availability of components, raw materials and manufacturing capacity, and supply chain disruptions, component shortages, tariffs, trade restrictions or increases in input costs could adversely affect profitability; its business is subject to risks associated with managing complex global manufacturing operations and international supply chains; demand from communications, cloud infrastructure, data center, semiconductor and other end markets may fluctuate significantly and adversely affect operating results; cybersecurity incidents, information technology failures, manufacturing disruptions or quality issues could negatively affect its operations, reputation and financial performance; and its global operations expose it to risks associated with geopolitical developments, regulatory changes, foreign currency fluctuations and international trade policies. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zV61rW74Gkvj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zuTM8q1d62X8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zkV5NF8wYaFl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_za4weawsUn6i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zMaV20g6UTF8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zQaCNgHtB5ce" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zvznlyxEgFdj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long CARR Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of CARR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zIdq6XsaG0C2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zbvp3yrbeoki" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260814__20260814__dei--LegalEntityAxis__custom--S000107908Member__oef--ClassAxis__custom--C000278883Member_zJ5SlgT64SB" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zZq8Tbl7sIyj"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zaLCZj7NCTK9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zc0i7hTnWPAh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zn5NAtkhDtn"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F14_zkI7ioZ37E1a" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1D_ziPzUrnI49Mb" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F19_zdkFTVi48Z6" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7KOhgMWtXlb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z5UyRb5f7AP3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_483_eoef--ExpenseExampleYear01_zxR1Pel9Qvog" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_znIlrUHdf5ri" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107908Member__oef--ClassAxis__custom--C000278883Member_z1ilPPKdG7de"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Carrier Global Corporation is a provider of intelligent climate and energy solutions. The company designs, manufactures and services heating, ventilation and air conditioning (“HVAC”), refrigeration and building automation products and solutions for residential, commercial and industrial customers worldwide. Carrier’s offerings help customers improve energy efficiency, building performance and sustainability. The common stock of Carrier Global Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39220 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z8Yzlyl2JDji" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 30.77%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 33.85%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 6.97%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CarrierGlobalCorporationInvestingRiskMember_zqB27ndB4jD1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Carrier Global Corporation Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Carrier Global Corporation faces risks that include, but are not limited to: its business depends on demand for residential, commercial and industrial construction, renovation and replacement activity, and reductions in customer spending or adverse economic conditions could negatively affect results; demand for its products and services may be affected by construction activity, interest rates, energy prices, building occupancy trends and general economic conditions; it operates in highly competitive markets and may be adversely affected by pricing pressures, technological developments and changing customer preferences; its business depends on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect profitability; changes in environmental regulations, energy efficiency standards and refrigerant requirements may increase costs, require product modifications or affect demand for its products; its growth strategy depends in part on successful product innovation, acquisitions and integration of acquired businesses; cybersecurity incidents, information technology failures or disruptions affecting connected products and systems could adversely affect its operations and reputation; and its global operations expose it to risks associated with geopolitical developments, trade restrictions, foreign currency fluctuations and regulatory changes. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z6b8hAyxNFvh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zubpvZQmYQwk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zNY2kUQ5h8Kk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zmz7nsAYIrxc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zDiLAZgU3u06" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zJ1TZLjAQlFd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zj12DrYy6cKk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long TT Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of TT. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zNM63JDvTrN7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zoNiNPXaccxf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260814__20260814__dei--LegalEntityAxis__custom--S000107921Member__oef--ClassAxis__custom--C000278896Member_zREm2wFN5AV8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zh6VKAsrHrxc"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkRpx1ZcEDKe"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zVesrhuoNtk1"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zJg0CgTWWf1i"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F10_zv1n37xoRpT7" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F15_zDXhfA5Cvca" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F13_zRaMG2hjoFul" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQy3GYAYapb1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zk8i90H7tnQf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48A_eoef--ExpenseExampleYear01_zRDccPYPCJP1" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zuMtqxyv1oIa" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_414_20260814__20260814__dei--LegalEntityAxis__custom--S000107921Member__oef--ClassAxis__custom--C000278896Member_zrsXzeuoFB8h"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Trane Technologies plc is a climate innovator that provides heating, ventilation and air conditioning (“HVAC”), transport refrigeration and building management solutions. The company designs, manufactures, markets and services products and systems that help customers improve energy efficiency, sustainability and operational performance across commercial, residential and transportation markets worldwide. The common stock of Trane Technologies Plc, is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-34400 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zt8B9atwKWZe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 26.66%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 30.60%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 21.81%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TraneTechnologiesPlcInvestingRiskMember_z1paa1Fd0ng7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Trane Technologies plc, Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Trane Technologies plc faces risks that include, but are not limited to: its business depends on demand for commercial and residential construction, renovation and replacement activity, and reductions in customer spending or adverse economic conditions could negatively affect results; demand for its products and services may be affected by construction activity, interest rates, energy prices, transportation activity and general economic conditions; it operates in highly competitive markets and may be adversely affected by pricing pressures, technological developments and changing customer requirements; its operations depend on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect profitability; changes in environmental regulations, energy efficiency standards, refrigerant requirements and sustainability-related policies may increase costs, require product modifications or affect demand for its products; its growth strategy depends in part on successful product innovation, acquisitions and strategic initiatives; cybersecurity incidents, information technology failures or disruptions affecting connected products and systems could adversely affect its operations and reputation; and its global operations expose it to risks associated with geopolitical developments, trade restrictions, foreign currency fluctuations, tax law changes and regulatory requirements. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zP647uoDESil" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zJfmS6EFNGsd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFEOeG4mdDof" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9iIOgKQFA6j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zuKWimIcl2Gh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zoz3WaSE8YK4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z7hJkHxK6Dlc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long JCI Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of JCI. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z0pUNr0Tzsx3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zCHBIZ19ghx8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49D_20260814__20260814__dei--LegalEntityAxis__custom--S000107910Member__oef--ClassAxis__custom--C000278885Member_zIIJve9isQ6d" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zFWcTB0QbdTe"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4GvEr4Cytse"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zt8NBd2NMJqb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUVl5IfVAYvh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F11_zzLG6nejoHf5" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F14_zbpfXc0o4WA3" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F10_zmdx295koHs5" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJOvImL3Yhyg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zC2oQ2yy4Dt5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_485_eoef--ExpenseExampleYear01_zMNY1opuqzhl" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zA7D0AYGmoKc" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107910Member__oef--ClassAxis__custom--C000278885Member_zCyYp8yYvqM5"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Johnson Controls International plc designs, manufactures, installs and services building products and systems, including heating, ventilation and air conditioning equipment, fire detection and suppression systems, security solutions, building controls and related services for commercial, industrial, institutional and governmental customers worldwide. The common stock of Johnson Controls International plc is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-13836 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zNe1oa6fzc5b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 27.64%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 32.48%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 20.78%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--JohnsonControlsInternationalPlcInvestingRiskMember_zfzbLNZhvHUg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Johnson Controls International plc Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Johnson Controls International plc faces risks that include, but are not limited to: its business depends on demand for commercial, institutional and industrial construction, renovation and replacement activity, and reductions in customer spending or adverse economic conditions could negatively affect results; demand for its products and services may be affected by construction activity, interest rates, building occupancy trends, energy costs and general economic conditions; it operates in highly competitive markets and may be adversely affected by pricing pressures, technological developments and changing customer requirements; its operations depend on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect profitability; changes in environmental, energy efficiency, building safety and other regulatory requirements may increase costs, require product modifications or affect demand for its products and services; its growth strategy depends in part on successful product innovation, digital transformation initiatives, acquisitions and strategic partnerships; cybersecurity incidents, information technology failures or disruptions affecting connected building systems could adversely affect its operations, customers and reputation; and its global operations expose it to risks associated with geopolitical developments, trade restrictions, foreign currency fluctuations, tax law changes and regulatory requirements. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zWH3gg7f0mT7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zuIPWXTmMMP5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQ9J00Crh8fa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zWTA7LfKg2Rf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z5kXafsTMIda" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zrBvn0cVofgj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long MOD Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of MOD. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zpniMRPRwZP2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zXioyEZlv0zb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_494_20260814__20260814__dei--LegalEntityAxis__custom--S000107912Member__oef--ClassAxis__custom--C000278887Member_z7pZDCB5qtu3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zBNq0cUGCbm2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zarofGe9SQ1f"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zw3OAKpK42Gc"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zdDHtpSPYlU8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F11_z2XhgOFy5V07" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1A_zgWA0ZHWMUkf" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1D_z609qX48rWHa" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z78NuP1Bs1a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zbrRi6FvnR15" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_480_eoef--ExpenseExampleYear01_zW7CLxiLcBIb" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zIgN4er5JNw7" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_410_20260814__20260814__dei--LegalEntityAxis__custom--S000107912Member__oef--ClassAxis__custom--C000278887Member_zWMGZlhR9Uza"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Modine Manufacturing Company develops and manufactures thermal management products and solutions. The company provides cooling systems, heat transfer technologies and air handling solutions for data centers, commercial, industrial and climate solutions markets worldwide. The common stock of Modine Manufacturing Company is registered as under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-1373 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zcIOYTzPylj1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 57.55%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 70.06%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 60.44%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModineManufacturingCompanyInvestingRiskMember_zkEnCOGU38g2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Modine Manufacturing Company Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Modine Manufacturing Company faces risks that include, but are not limited to: its business depends on demand for thermal management, cooling and climate solutions products, and reductions in customer spending or adverse economic conditions could negatively affect results; a growing portion of its business is dependent on demand from data center and high-performance computing customers, and changes in customer spending, technology trends or infrastructure investment cycles could adversely affect its business; it operates in highly competitive markets characterized by pricing pressures, technological change and evolving customer requirements; its operations depend on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect profitability; its business may be affected by fluctuations in industrial production, construction activity, energy markets and broader economic conditions; cybersecurity incidents, information technology failures or operational disruptions could adversely affect its business and reputation; its global operations expose it to risks associated with geopolitical developments, trade restrictions, foreign currency fluctuations and regulatory changes; and its growth strategy depends in part on successful product innovation, strategic initiatives and execution in high-growth end markets. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zMPU8yeT5mO2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zHsOHjubqOQ2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoBH7GRtRnii" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zpWCYEZegxU6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zi4m2q48Y0K7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zUFN82KITril" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zo5jNjVI2npd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long STM Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of STM. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zUSCoDyr0mc1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zGw0Ot1mZ6Pl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_492_20260814__20260814__dei--LegalEntityAxis__custom--S000107920Member__oef--ClassAxis__custom--C000278895Member_zFJwbJtg3GP" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zpbIuiOp29sg"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPfq43suT9cf"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zI3J1koABE73"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zL9uRhnhcJJl"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1A_zulPwgqHPLR4" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F16_z3wRyPj2SUD3" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F10_zffVEwBEHN2h" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbh5AbLoKBgh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z6dUu8oK6Dff" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_483_eoef--ExpenseExampleYear01_z99pdCrGgUma" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zq4l6ECcxXZ5" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_419_20260814__20260814__dei--LegalEntityAxis__custom--S000107920Member__oef--ClassAxis__custom--C000278895Member_z1zbiNcsti17"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. STMicroelectronics N.V. is a global semiconductor company that designs, develops, manufactures and markets semiconductor products and solutions. The company’s products include microcontrollers, analog and power semiconductors, sensors, connectivity solutions and other semiconductor devices used in automotive, industrial, personal electronics, communications equipment and infrastructure applications worldwide. The common stock of STMicroelectronics N.V. is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-13546 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zdLVmTUouHWj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 42.48%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 54.29%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -6.92%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--StmicroelectronicsNVInvestingRiskMember_zy4fRIoBoL4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">STMicroelectronics N.V. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, STMicroelectronics N.V. faces risks that include, but are not limited to: demand for its products is affected by conditions in the automotive, industrial and electronics markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; the semiconductor industry is highly cyclical and characterized by rapid technological change, pricing pressures and significant fluctuations in supply and demand; its business depends on the successful development and commercialization of new semiconductor technologies and products; it faces intense competition from global semiconductor manufacturers, including competitors with greater financial and technological resources; its operations depend on complex manufacturing processes, specialized equipment, raw materials and global supply chains, and disruptions, shortages or production inefficiencies could adversely affect its business; its global operations expose it to risks associated with geopolitical developments, trade restrictions, export controls, tariffs, foreign currency fluctuations and changing regulatory requirements; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and its business requires substantial capital expenditures and investments, which may not generate anticipated returns. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zE9ArscNclMi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Foreign Issuer Risk. The Underlying Security is issued by a non-U.S. company and is subject to risks associated with foreign issuers. Foreign securities may be more volatile and less liquid than U.S. securities, and the issuer may be subject to different accounting, auditing, financial reporting and disclosure standards, which may result in less publicly available information. The issuer’s operations and financial results may be affected by economic, political or social conditions in its home country or region, including governmental intervention or geopolitical developments. Investments in foreign issuers are also subject to currency risk and may be affected by changes in exchange rates relative to the U.S. dollar. Foreign markets may have different trading, settlement and regulatory practices, which may increase operational risks. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. Semiconductors and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zhUBupgRd74e" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zP6c1R8hBtb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zjy2uVp1lvM2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zqtUjC9UfAQc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zeklH1v2fybk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z47PGdZzWAL3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long WOLF Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of WOLF. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z65c1rfAAsAk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zhIb0SKvIYC3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260814__20260814__dei--LegalEntityAxis__custom--S000107924Member__oef--ClassAxis__custom--C000278899Member_zVifLROJ1W77" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zBWV6ULfLdKd"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zM4PeQo1cfz4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zincW2q0uR5c"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zQl2JGLOYfBl"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1C_zwLD8RXJT1D" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F19_zIthNN27KDs4" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F11_znxMomrfBy83" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZkBEHocs7B3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zIYZS5aTx9ri" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48C_eoef--ExpenseExampleYear01_zXWyxMJS6vq4" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zYQhGmQth4J6" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_415_20260814__20260814__dei--LegalEntityAxis__custom--S000107924Member__oef--ClassAxis__custom--C000278899Member_zqoZfzrsyTT4"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Wolfspeed, Inc. is a semiconductor company focused on silicon carbide materials and devices. The company develops and manufactures silicon carbide wafers, power devices and related technologies used in electric vehicles, industrial power applications, energy infrastructure and other high-performance power and radio frequency applications. The common stock of Wolfspeed, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40863 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zTDj3WEF4859" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> As of the date of this Prospectus, the Underlying Security has not yet traded on a listed exchange for a one-year calendar period and, therefore, does not have an annualized historical volatility rate or total return performance available to report. When available, historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. The volatility of U.S. exchange traded securities or instruments that reflect the value of the Underlying Security may differ from the volatility of the Underlying Security. Given that the Underlying Security recently commenced trading in September 2025, there is limited data on which investors can evaluate the security. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--WolfspeedIncInvestingRiskMember_zVDSXId71cRa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Wolfspeed, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Wolfspeed, Inc. faces risks that include, but are not limited to: its business depends on the successful development, manufacture and adoption of silicon carbide materials and power devices, and demand for these products may not develop as expected; a significant portion of anticipated growth depends on adoption of electric vehicles, energy infrastructure and other applications that utilize silicon carbide technology; the company has incurred significant losses and has made substantial capital investments in manufacturing capacity, and it may not achieve anticipated returns on those investments; its operations depend on complex manufacturing processes, specialized equipment and raw materials, and production delays, yield challenges, supply chain disruptions or capacity constraints could adversely affect its results; it faces intense competition from semiconductor manufacturers developing silicon carbide, silicon and other competing technologies; its business depends on a limited number of significant customers and long-term customer programs, and changes in customer demand or program timing could adversely affect results; its substantial indebtedness and capital requirements may limit financial flexibility and increase risks during periods of adverse business conditions; and geopolitical developments, trade restrictions, export controls, cybersecurity incidents or intellectual property disputes could adversely affect its operations and financial condition. Any of these risks could have a significant negative impact on the company’s business. As the Underlying Security recently completed its initial public offering (“IPO”), there will be limited public trading history upon which investors can evaluate its performance, and the market price of its common stock may be volatile following the offering. The trading price of the Underlying Security’s common stock may fluctuate significantly due to company-specific developments, changes in investor expectations, general market conditions, lock-up expirations for pre-IPO shareholders, changes in trading volume, the entry or exit of large shareholders or other factors unrelated to its operating performance. The Underling Security is a highly dynamic company, and its business model, products, services, and strategic focus may change over time, which could adversely affect the value of the Fund’s investment. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z1xYG8iKUjbk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zJ5cTl74hiEd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. Semiconductors and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zmCdwOQBzOB1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQAoL5U6WUxb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zLyPv5auaNh2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. IPO Risk. The market value of shares of an IPO, including those of the Underlying Security, will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zBDk0B1JW477" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zRbjHtYcBw1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zjS2jW5bxANl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long VICR Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of VICR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zI7fkLf59kVe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_z7cIX4MxUBki" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260814__20260814__dei--LegalEntityAxis__custom--S000107922Member__oef--ClassAxis__custom--C000278897Member_zFLA1MCgJBJh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zzBKZHpXuWjl"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZgsQg0af3S2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zx8PQHi7XqT"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUBR4jycdYUi"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1D_z3GwNwtNAccl" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F14_zkNbsGQ8yAdh" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F16_zf1SZqqRPGSb" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztr5FGacP16k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zrmxwxUXOfM9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_481_eoef--ExpenseExampleYear01_zbToILwi4nR1" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zXSKPM6og4Z4" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41F_20260814__20260814__dei--LegalEntityAxis__custom--S000107922Member__oef--ClassAxis__custom--C000278897Member_zQHDaTfDKcn4"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Vicor Corporation is a power technology company that designs, develops, manufactures and markets power conversion and power delivery solutions. The company’s products are used in data centers, artificial intelligence infrastructure, telecommunications, industrial equipment, aerospace and defense systems, and other high-performance computing and power applications. The common stock of Vicor Corporation is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 0-18277 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zRzMPnTNBJK9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 67.50%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 84.77%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was 3.51%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VicorCorporationInvestingRiskMember_zvVXWeF5Bao4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Vicor Corporation Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Vicor Corporation faces risks that include, but are not limited to: its business depends on demand for power conversion and power delivery solutions, and reductions in customer spending or delays in technology investments could adversely affect its results; a significant portion of its revenue is derived from a limited number of customers, and changes in customer demand, product qualifications or purchasing patterns could materially affect its business; demand for its products is increasingly influenced by data center, artificial intelligence and high-performance computing infrastructure spending, and changes in customer adoption, technology trends or capital spending could adversely affect results; it operates in highly competitive markets characterized by rapid technological change, pricing pressures and evolving customer requirements; its business depends on the successful development and commercialization of new products and technologies, and failure to achieve customer adoption could adversely affect growth; its operations depend on specialized manufacturing processes, components and suppliers, and supply chain disruptions, shortages or production delays could negatively affect its business; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and broader economic conditions, geopolitical developments, trade restrictions or export controls may adversely affect demand for its products and services. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zLzXVy7FZdw5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zr3WpxdppZmf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zCdSQgjvuqS8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWPnedr4YhFc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdEG64oj3rYd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z3FynnqZeuq1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zisQNbvwKZh2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zE3E2YA8Cwlb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long POWI Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of POWI. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zVQvcf0NK2E1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zHTj65KKtAMc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20260814__20260814__dei--LegalEntityAxis__custom--S000107915Member__oef--ClassAxis__custom--C000278890Member_zjv4UpOQ6YQl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z5ApUT1CuB35"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJPO3AMcHZj2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zhxeH7nb2PXh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zet9dLf2OUt4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F19_zXKyl1cqEzH5" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F16_zqvU3G8io7tb" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F18_zgBV72aRGMp3" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8SeoRvq9Zw5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zKGkweCXV2i4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_482_eoef--ExpenseExampleYear01_zTe2FMMkeaLg" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z2TyiNlccuNh" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41E_20260814__20260814__dei--LegalEntityAxis__custom--S000107915Member__oef--ClassAxis__custom--C000278890Member_zOxuR2AolMWi"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Power Integrations, Inc. is a semiconductor company that designs, develops and markets high-voltage power conversion products used in electronic devices and energy-efficient power systems. The company’s products are used in consumer appliances, mobile devices, communications equipment, industrial applications, electric vehicles, renewable energy systems and other electronic products worldwide. The common stock of Power Integrations, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-23441 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zVtx9aRazIf3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 43.02%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 53.92%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -15.37%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PowerIntegrationsIncInvestingRiskMember_z7Wh0MuRmmQ2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Power Integrations, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductors and semiconductor equipment industry, Power Integrations, Inc. faces risks that include, but are not limited to: demand for its products is affected by conditions in consumer, industrial, communications, automotive and energy markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; the semiconductor industry is highly cyclical and characterized by rapid technological change, pricing pressures and fluctuations in supply and demand; its business depends on the successful development and commercialization of new power conversion technologies and products; it faces intense competition from semiconductor manufacturers and alternative technologies, which could adversely affect pricing and market share; a significant portion of its revenue is derived from customers located outside the United States, particularly in Asia, exposing it to risks associated with geopolitical developments, trade restrictions, export controls, tariffs and foreign currency fluctuations; its operations depend on third-party manufacturing, assembly and testing providers, and supply chain disruptions, capacity constraints or quality issues could adversely affect its business; cybersecurity incidents, intellectual property disputes or information technology failures could adversely affect its operations and reputation; and changes in environmental regulations, energy efficiency standards or customer technology requirements could require additional investments and affect demand for its products. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zoRatwZ0tmad" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zxIVfQ70TDYl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductors and semiconductor equipment industry. Semiconductors and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zGKh0my2R6q2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zk1NS9ooaZlk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zeK81A8xK7xd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zmOasYUlXDdg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z1keLfFV0Pz5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z0NtqhoOVSD9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long VSH Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of VSH. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z8xsdJoioN3f"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zU5VZnYBhs0k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260814__20260814__dei--LegalEntityAxis__custom--S000107923Member__oef--ClassAxis__custom--C000278898Member_zNgXSy8RXg37" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zub1Sb5W5N5k"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziaLPYhsWFrl"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zGvbJrmaLLc9"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zr8owB5odxr8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1A_zo3xMqVQUVz3" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1F_zTyBkymP3Tvc" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1E_zs7npTwGrmHa" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCclXaxuE1Mh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zPLq2TfzF1V5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_482_eoef--ExpenseExampleYear01_zAzVwTRWHGjd" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zEmxkiSFv1v3" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_417_20260814__20260814__dei--LegalEntityAxis__custom--S000107923Member__oef--ClassAxis__custom--C000278898Member_zlmelvEG2wt1"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Vishay Intertechnology, Inc. is a semiconductor and electronic components company that manufactures discrete semiconductors and passive electronic components. The company’s products include power semiconductors, diodes, metal-oxide-semiconductor field-effect transistors, resistors, capacitors, inductors and sensors used in automotive, industrial, computing, telecommunications, consumer electronics and other markets worldwide. The company’s products are used in consumer appliances, mobile devices, communications equipment, industrial applications, electric vehicles, renewable energy systems and other electronic products worldwide. The common stock of Vishay Intertechnology, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-7416 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zxan4QqFyMO1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 38.72%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 58.58%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -6.89%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VishayIntertechnologyIncInvestingRiskMember_z8Uv6l447KO9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Vishay Intertechnology, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Vishay Intertechnology, Inc. faces risks that include, but are not limited to: demand for its products is affected by conditions in the automotive, industrial, computing, telecommunications and consumer electronics markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; the semiconductor and electronic components industries are highly cyclical and characterized by rapid technological change, pricing pressures and fluctuations in supply and demand; it faces intense competition from global semiconductor and component manufacturers, which could adversely affect pricing, margins and market share; its operations depend on complex manufacturing processes, specialized equipment, raw materials and global supply chains, and disruptions, shortages, production inefficiencies or increases in input costs could adversely affect its business; its business depends on the successful development and commercialization of new products and technologies and its ability to respond to changing customer requirements; a significant portion of its revenue is generated outside the United States, exposing it to risks associated with geopolitical developments, trade restrictions, export controls, tariffs, foreign currency fluctuations and changing regulatory requirements; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and its operating results may be affected by acquisitions, restructuring activities, manufacturing capacity utilization and broader economic conditions. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zt26iRmPG533" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zhvKCYvEFCJ3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zTx57QB7EZc2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvsCMn0pzPS5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zpkvPZq3M2tc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z2Ieje2YzZal" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zRZAKSaag7w9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zkz22vEmAQfj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long LFUS Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of LFUS. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zVAnSRBSjS3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zRDbJFF4dfRe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_494_20260814__20260814__dei--LegalEntityAxis__custom--S000107911Member__oef--ClassAxis__custom--C000278886Member_zqAGdQjF9iX6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z3b9bn8GOXk2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3qb2NSNwwYb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zDumDkD4DjC1"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zh7Rb7xuc4yd"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1B_zRq6zj2UQfFf" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1C_z0FAhm0AKO41" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1C_zQOnAxi7IKId" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zs5jnWrAosNf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zDcVfgPGRGo2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_483_eoef--ExpenseExampleYear01_zVPA2uQYPg7b" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zNRFEZo6V2e3" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107911Member__oef--ClassAxis__custom--C000278886Member_z3XJLuxmSEV6"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Littelfuse, Inc. is an industrial technology company that designs, manufactures and supplies circuit protection, power control and sensing products. The company’s products are used in industrial, transportation, electronics, energy and infrastructure applications, including electric vehicles, renewable energy systems, industrial automation, communications equipment and data center infrastructure. The common stock of Littelfuse, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 0-20388 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zeJnS30Viaek" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 33.15%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 41.29%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -0.14%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LittelfuseIncInvestingRiskMember_zfHvNdrircxf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Littelfuse, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the technology hardware and equipment industry, Littelfuse, Inc. faces risks that include, but are not limited to: demand for its products is affected by conditions in the industrial, transportation, electronics and energy markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; it operates in highly competitive markets characterized by technological change, pricing pressures and evolving customer requirements; its business depends on the successful development and commercialization of new products and technologies and its ability to respond to changing customer needs; its operations depend on the availability of raw materials, components and manufacturing capacity, and supply chain disruptions, shortages, tariffs or increases in input costs could adversely affect profitability; a significant portion of its revenue is generated outside the United States, exposing it to risks associated with geopolitical developments, trade restrictions, export controls, foreign currency fluctuations and changing regulatory requirements; its growth strategy depends in part on successful acquisitions and integration of acquired businesses; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and changes in automotive production levels, industrial activity, energy infrastructure investment or broader economic conditions may adversely affect demand for its products. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_z2fQsWgexhw9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zlEU2yRmW5U8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the technology hardware and equipment industry. Technology Hardware and Equipment Industry Risk. The Fund is exposed to risks associated with investments in the technology hardware and equipment industry, which is characterized by rapid technological change, short product life cycles, and the risk of product obsolescence, requiring significant and ongoing investment in research and development. Companies in this industry face intense competition that may pressure pricing and margins, and are highly dependent on global supply chains, making them vulnerable to disruptions, component shortages, and geopolitical or trade-related risks. Demand for technology hardware products may be cyclical and sensitive to economic conditions, capital spending, and product upgrade cycles. In addition, companies may be subject to risks related to intellectual property protection, cybersecurity threats, product defects, and reliance on key customers or suppliers, as well as risks associated with global operations, including foreign currency fluctuations and differing regulatory environments. Any of these factors could materially and adversely affect the value of the Fund’s investments. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zrfv1fqwLPil" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zVpFSAd0ksEd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zvReNC8cchgl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zXhEV9Sp3jxf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zeN3CI9ST7ok" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zxuKEqV1LBkj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long DIOD Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of DIOD. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zGn6Ws30kTcj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_z7iA1udtTQUf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260814__20260814__dei--LegalEntityAxis__custom--S000107926Member__oef--ClassAxis__custom--C000278901Member_z2NIAWQM7Tae" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMM2M29NMzIi"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQfOHfwqZWJb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zAduRZu6mMyg"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zFM49eCHYy27"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1A_zPl3JUaO0WR9" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F1C_zru0c7aZbdj2" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F1C_z159XMP1L402" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhO9AmqWJtKg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zDjr6D4vxyU5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_480_eoef--ExpenseExampleYear01_zaAr5bbpbTLa" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zDRKd9yu7One" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41A_20260814__20260814__dei--LegalEntityAxis__custom--S000107926Member__oef--ClassAxis__custom--C000278901Member_z3qJI4W6ts9h"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Diodes Incorporated is a semiconductor company that designs, manufactures and supplies semiconductor products for automotive, industrial, computing, communications and consumer electronics markets. The company’s product portfolio includes discrete semiconductors, analog products, power management devices, timing and connectivity products and other semiconductor solutions used in a broad range of electronic applications worldwide. The common stock of Littelfuse, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 002-25577 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z9uIjC8CggM9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 44.14%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 51.41%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -6.89%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DiodesIncorporatedInvestingRiskMember_zkwXyI7rlH3l" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Diodes Incorporated Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductor and semiconductor equipment industry, Diodes Incorporated faces risks that include, but are not limited to: demand for its products is affected by conditions in the automotive, industrial, communications, computing and consumer electronics markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; the semiconductor industry is highly cyclical and characterized by rapid technological change, pricing pressures and fluctuations in supply and demand; it faces intense competition from global semiconductor manufacturers, which could adversely affect pricing, margins and market share; its business depends on the successful development and commercialization of new products and technologies and its ability to respond to changing customer requirements; its operations depend on complex manufacturing processes, specialized equipment, raw materials and global supply chains, and disruptions, shortages, production inefficiencies or increases in input costs could adversely affect its business; a significant portion of its manufacturing operations and customers are located in Asia, exposing it to risks associated with geopolitical developments, trade restrictions, export controls, tariffs, foreign currency fluctuations and changing regulatory requirements; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and its operating results may be affected by manufacturing capacity utilization, acquisitions, restructuring activities and broader economic conditions. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zEHwtPqCg4ek" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor and semiconductor equipment industry. Semiconductor and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zV5zzE8yhOT6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zaoJCC7iC0Oj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zn2uFUgMR0zk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zEjSKrdcksSd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zke4T3agdGLh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z7WY1Pymjapj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long QRVO Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of QRVO. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zKtdWosK75N1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zweUYlKnTOLc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260814__20260814__dei--LegalEntityAxis__custom--S000107916Member__oef--ClassAxis__custom--C000278891Member_z55vp93KhaPi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z43hlo6JzlYa"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbPRxnTpjtlb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z0MUNiNDTae7"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zJ9v8ZL8mjLc"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F15_zzDcH4t3Cp1j" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F10_zt2dkaJ4vaO9" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F17_zL4p0eDMueZh" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKAhC5qxzutc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zeJcrhQPml8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48F_eoef--ExpenseExampleYear01_zb2Yyx6BAMjl" style="vertical-align: bottom; width: 50%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zoZJPrz2Z9m5" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41D_20260814__20260814__dei--LegalEntityAxis__custom--S000107916Member__oef--ClassAxis__custom--C000278891Member_zEjYfUPvEa4f"> <td style="vertical-align: top; background-color: #DCDCDC; text-align: center">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor and semiconductor equipment industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Qorvo, Inc. is a semiconductor company that develops and supplies technologies used in wireless, wired and power applications. The company’s products include radio frequency solutions, connectivity products, power management devices and other semiconductor technologies used in mobile devices, communications infrastructure, defense, aerospace, industrial, automotive and Internet of Things applications worldwide. The common stock of Qorvo, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-36801 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zspEaYM1hUbk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</td> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 42.57%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 50.18%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -12.66%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. Qorvo, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the semiconductor and semiconductor equipment industry, Qorvo, Inc. faces risks that include, but are not limited to: demand for its products is affected by conditions in the mobile handset, communications infrastructure, defense, industrial and automotive markets, and reductions in customer demand, inventory corrections or economic slowdowns could adversely affect its results; a significant portion of its revenue is derived from a limited number of large customers, and the loss of, or reduction in business from, a major customer could materially affect its business; the semiconductor industry is highly cyclical and characterized by rapid technological change, pricing pressures and fluctuations in supply and demand; its business depends on the successful development and commercialization of new products and technologies and its ability to respond to changing customer requirements; it faces intense competition from global semiconductor manufacturers, which could adversely affect pricing, margins and market share; its operations depend on complex manufacturing processes, specialized equipment, raw materials and global supply chains, and disruptions, shortages, production inefficiencies or increases in input costs could adversely affect its business; cybersecurity incidents, information technology failures or intellectual property disputes could adversely affect its operations and reputation; and geopolitical developments, trade restrictions, export controls, tariffs and foreign currency fluctuations may adversely affect demand for its products and its global operations. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zB6RtwwnYfq5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z8XqP0T53jsg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor and semiconductor equipment industry. Semiconductor and Semiconductor Equipment Industry Risk. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of semiconductor companies. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of semiconductor companies have been and likely will continue to be extremely volatile. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z0EnLE82KQY7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zPG7WsgtVack" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z7uc5ZwKeKT4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zqoHu7YPlX32" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zl2VmzxKKPd3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z3SxGjX9Wvx7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long FLNC Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily leveraged investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of FLNC. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zZsI5bRtstub"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_ziUBv28UjJbc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_494_20260814__20260814__dei--LegalEntityAxis__custom--S000107930Member__oef--ClassAxis__custom--C000278905Member_z1SUxlCk3xX6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zQvliDpMRSYk"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.99%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQAlDagCBzb5"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zupdAUXLa8O1"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: bottom">Other Expenses2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zTa4MZIDjA06"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Total Annual Fund Operating Expenses3</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center">0.99%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify; vertical-align: super">1</td> <td id="xdx_F1B_zQfIktgNBNk8" style="text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">2</td> <td id="xdx_F19_zfnUqhoSsFf3" style="text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td style="text-align: justify; vertical-align: super">3</td> <td id="xdx_F17_zFQSSgu2NHih" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td> </tr> </table> 0.0099 0 0.0000 0.0099 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEYC2cQujnF"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zu3YI757G72h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_481_eoef--ExpenseExampleYear01_zZzZz6birqee" style="text-align: center; vertical-align: top; width: 50%">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zwkHE6cWcNAe" style="vertical-align: bottom; width: 50%; text-align: center">3 Years</td> </tr> <tr id="xdx_41E_20260814__20260814__dei--LegalEntityAxis__custom--S000107930Member__oef--ClassAxis__custom--C000278905Member_zNFQYHfZqQff"> <td style="text-align: center; vertical-align: top; background-color: #DCDCDC">$105</td> <td style="vertical-align: bottom; background-color: #DCDCDC; text-align: center">$315</td> </tr> </table> 105 315 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% leveraged exposure to the price of the Underlying Security, on a daily basis, consistent with the Fund’s investment objective. The Fund seeks to achieve its investment objective through the use of derivative instruments, including swap agreements and options contracts, as well as, to a lesser extent, direct investments in the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions pursuant to which the Fund and the counterparty will agree to exchange the return (or differentials in rates of return) of the Underlying Security for a payment based on the Fund’s net assets, such that the Fund seeks to achieve, on a daily basis, leveraged (200%) exposure to the performance of the Underlying Security. Themes Management Company, LLC (the “Adviser”) attempts to consistently apply leveraged exposure to obtain long exposure to the Underlying Security equal to 200% of the Fund’s net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. Depending on market conditions, market liquidity and operational constraints, the Fund may obtain leveraged long exposure to the Underlying Security by purchasing deep in-the-money call option contracts or by entering into option combinations designed to replicate long exposure. In particular, the Fund may establish a position consisting of the purchase of a call option and the sale of a put option on the Underlying Security with the same strike price and expiration date (a strategy generally referred to as a “synthetic forward”). All option contracts bought and sold will be based on the Underlying Security. The Fund will pay a premium to purchase call options and receive a premium from selling put options. These option positions are designed to provide economic exposure similar to a leveraged long position in the Underlying Security, with gains or losses determined primarily by changes in the price of the Underlying Security relative to the strike price of the options. However, these strategies may not perfectly replicate leveraged long exposure and may be subject to differences in timing, pricing, liquidity and other market factors, which may cause the Fund’s performance to deviate from the leveraged performance of the Underlying Security. As part of its investment strategy, the Fund may invest in a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Standardized exchange-traded options have standardized terms, including the strike price, expiration date and exercise style, and are also guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed option that permits customization of contract terms including strike price, expiration date and exercise style that are also guaranteed for settlement by the OCC. The Fund may utilize either European style options, which may be exercised only at expiration or American style options, which may be exercised at any time prior to expiration. As a result of its investment strategy, the Fund will be concentrated (i.e., invest 25% or more of its total assets) in the industry to which the Underlying Security is assigned. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. The Fund seeks to achieve its investment objective on a daily basis without regard to overall market movement or the increase or decrease in the value of the Underlying Security. The Fund’s exposure is reset daily, typically at the close of trading. As a result, the Fund’s performance for periods longer than one day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security for the same period. The Fund generally seeks to maintain its exposure regardless of market conditions and does not attempt to take defensive positions. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to the Underlying Security is consistent with the Fund’s investment objective. The Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Security rises on a given day, net assets of the Fund are expected to rise, resulting in the Fund increasing its exposure. Conversely, if the price of the Underlying Security decreases on a given day, net assets of the Fund are expected to decrease, resulting in the Fund reducing its exposure. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate up to 100% of its assets as collateral for swap agreements or as premiums for purchased options contracts. If the Underlying Security were to decrease by more than 50% in a single trading day the Fund and consequently the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is considered to be non-diversified. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Fluence Energy, Inc. is an energy storage technology and services company that provides battery-based energy storage products, software and services. The company develops and deploys energy storage systems, digital applications and optimization software that support renewable energy integration, grid reliability and energy management for utilities, developers and commercial customers worldwide. The common stock of Fluence Energy, Inc. is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40978 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding the Underlying Security is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Security’s performance increases over a period longer than a single day. An investment in the Fund entails risk. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zKKNq7JhrNv7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how the Underlying Security’s volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to the Underlying Security. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of the Underlying Security. During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <th style="border: Black 1pt solid; text-align: center">One Year</th> <th style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">200% One Year</th> <th colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Volatility Rate</th> </tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 20%">Return</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 12%">100%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-86.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-61.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-72.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-82.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-76.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-53.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-70.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-43.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-63.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-55.5%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">12.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-18.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-47.0%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">58.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-37.8%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">52.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-27.9%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">28.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-17.2%</td> </tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">45.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #FF0000; text-align: center">-5.8%</td> </tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 93.58%. The Underlying Security’s highest annualized historical volatility rate for any one calendar year during the five-year period was 113.53%. The Underlying Security’s annualized performance for the five-year period ended December 31, 2025 was -6.71%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FluenceEnergyIncInvestingRiskMember_zinmgkXpfmRc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fluence Energy, Inc. Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with the capital goods industry, Fluence Energy, Inc. faces risks that include, but are not limited to: its business depends on continued growth in demand for energy storage systems and renewable energy projects, and reductions in customer spending, project delays or changes in market conditions could adversely affect its results; its operating results may be affected by the timing, size and execution of large customer projects, including utility-scale energy storage deployments; it relies on third-party suppliers for battery cells, components and other critical materials, and supply chain disruptions, shortages, quality issues or increases in costs could adversely affect its business; its growth depends on the continued adoption of energy storage technologies and favorable regulatory, policy and market developments supporting renewable energy and grid modernization; it operates in highly competitive markets characterized by rapid technological change, evolving customer requirements and pricing pressures; its business is subject to risks associated with project execution, system performance, warranties and contractual obligations; cybersecurity incidents, information technology failures or disruptions affecting its software platforms could adversely affect its operations and reputation; and changes in government incentives, trade policies, tariffs, environmental regulations or broader economic conditions may adversely affect demand for its products and services. Any of these risks could have a significant negative impact on the company’s business. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. Swap Agreements. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. Depending on their terms and exercise style, options held by a Fund may be exercisable at expiration or at any time prior to expiration. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartycollateralRiskMember_zzhtqnRHVoLk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Counterparty/Collateral Risk. If a counterparty is unwilling or unable to make timely payments, meet its contractual obligations or return holdings that are subject to the agreement with the counterparty, the Fund may lose money or may be unable to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zm3YUVnv3mWj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or the Underlying Security experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) the Underlying Security. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which the Underlying Security is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the capital goods industry. Capital Goods Industry Risk. The capital goods industry may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands. The capital goods industry depends heavily on corporate spending. Companies in the capital goods industry may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this industry may be affected by market conditions in other countries and regions. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zy2RHsT2h3W8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Indirect Investment Risk. The Underlying Security is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zBpnK3i36Fog" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zmXMD2vzOO4h" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, deposit accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zATvlVWLRqA3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as the Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z7rFoPplZY5b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an AP, the Fund will bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, including gaining exposure to the Underlying Security through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z9jJKz4YZYdb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-Diversification Risk. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. The Fund is considered to be non-diversified. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for the Underlying Security and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of the Underlying Security and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.